The Chainlink market exhibits an interesting dynamic as large investors accumulate significant amounts of tokens while retail traders remain inactive.
Whale Accumulation
According to a July 4 analysis published on CryptoQuant, whale addresses holding between 100,000 to 1 million LINK have accumulated more than 85 million tokens, representing the highest level of accumulation since late 2022. Meanwhile, retail investor activity has remained low, leading to what some analysts describe as a 'standoff' between larger and smaller market participants.
Chainlink Partnerships
Recent developments may support Chainlink's long-term value. On June 24, it was announced that Chainlink partnered with Mastercard, enabling over 3 billion cardholders to purchase cryptocurrencies on-chain. Additionally, Chainlink was selected as the official oracle provider for the xStocks Alliance on June 30, facilitating more than 50 tokenized stocks and ETFs to utilize Chainlink's infrastructure for real-time pricing data.
Technical Analysis and Forecasts
As of now, LINK trades at $13.48, down 2.4% in the last 24 hours. The analysis indicates that the token is moving within a sideways range, with technical indicators suggesting a possible price movement. Currently, the price is below longer-term averages but shows slight strength as it trades just above the 10-day and 20-day moving averages.
Chainlink demonstrates an interesting accumulation pattern by large investors, while retail traders remain on the sidelines. Future price movements will depend on the actions of these two groups of market participants.
