LINK’s Supply Owned By The Whales Is Declining and Here’s Why

LINK’s supply owned by the Whales is dropping as the price is sliding lower with the entire market entering into a weakness zone. Its ongoing descent came as BTC broke below the $19,000 and other crypto-assets like ETH are going lower as well. In our latest chainlink coin news, we are reading more about the analysis.

So far, the drop seen by LINK was tempered but it is approaching a crucial support level which held strong on multiple occasions over the past week. It looks like the BTC inability to surpass the all-time high level in the mid-to-upper $19,000 region is a part of why the altcoins are struggling to gain more momentum. So long as it cannot gain any strong upwards momentum and set fresh highs so investors may continue fleeing higher-risk assets.

One analytics company noted that Chainlink is now growing fundamentally strong as the tokens grow more distributed amongst the holders. They noted that the supply of LINK held by the top 10 wallets dropped, with the numbers of the new addresses continues on climbing. This outlines that crypto could be on the edge of seeing a strong push higher which will spike more buying pressure among the retail traders. At the time of writing, Chainlink is trading down at over 4% at a current price of $12.94. This is around the same price level at which it was trading over the past few days.

A few days ago, the crypto dropped to lows of $12.40 before finding a stranger support zone that boosted the token back above $13.00. It is now breaking below this level with serious support below where it is now trading that could help slow its drop and lead for more upsides in the days and weeks ahead. Despite Chainlink’s stagnant price action, the cryptocurrency saw a new wave of investors that will most likely continue boosting the price action in the weeks and months ahead. Speaking about it, one analytics company stated that the number of addresses is growing including retail investors that pour money into LINK despite its slow trend:

 “The percentage of LINK supply held by the top 10 largest whale addresses, continues to decline into December. However, network growth (new addresses created) has picked up, which could be a valid explanation.”

LINK’s supply owned by the bulls is now declining because of that and if the trend continues, it will most likely counteract the strong winds that are causing the crypto’s price to drop in the past week.