LINK Whales Still Accumulate Despite Signs Of Technical Weakness

The LINK whales still accumulate despite the recent signs of technical weakness as the price action has done nothing to provide more insight into the near-term outlook. In our latest chainlink coin news, we are reading more about the price analysis.

LINK was consolidating between the lows of $7.50 and highs of $11.00. The cryptocurrency has seen some notable momentum over the past day but it has been having a hard time pushing higher as it started approaching the heavy resistance since it reached $11.00. The asset was rejected on multiple occasions over the past month and each one catalyzed another selloff which brought damage to the market structure. Many analysts were torn as to whether the coin’s recent upswing will be different than the ones seen over the past few weeks with the on-chain trend being bullish for the crypto’s outlook.

One analytics company explained in a recent tweet that the data shows LINK Whales still accumulate huge amounts of the coin in recent times. This shows that larger investors are confident in the near-term outlook and could also continue bringing the token with some more buying pressure to lift it higher. In the time after Chainlink’s drop to its recent lows of $7.50, the cryptocurrency was climbing higher and the monthly highs reached a level of just under $11.00.

Chainlink is trading down from these highs at a current price of $10.89 which is around the same price level where it was trading over the past few days. So far, each trip to $11,000 over the past month catalyzed strong rejections so unless Bitcoin makes a serious push higher that will carry the entire market with It, it will be unlikely that this will change anytime soon.  Another analytics company said that the data points to a strong accumulation trend for the LINK wallets:

 “The top LINK non-exchange whales continue their gradual accumulation pattern. As seen on our chart, the top 100 non-addresses held 735.64M a year ago. Now up to 771.15M, the ~5% increase is indicative of clear whale confidence in the asset’s longevity.
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🐳 The top $LINK non-exchange whales continue their gradual accumulation pattern. As seen on our chart, the top 100 non-addresses held 735.64M a year ago. Now up to 771.15M, the ~5% increase is indicative of clear whale confidence in the asset's longevity. https://t.co/kU5mvkZJmN pic.twitter.com/lrQLX5hHdl

— Santiment (@santimentfeed) October 9, 2020

This trend only suggests that another serious upside could be in store for LINK but in order to do so it will have to break the selling pressure that is already set at $11.00.