The post Chainlink (LINK) Price Recovery Possible as Whale Accumulation Grows Despite Bearish Momentum appeared on BitcoinEthereumNews.com.

Chainlink (LINK) remained stable during Bitcoin’s recent price drop, supported by increased whale activity. Whale accumulation and positive developments, like Ronin’s adoption of Chainlink’s protocol, signal potential long-term growth. Chainlink (LINK) held its ground during Bitcoin’s price drop on October 10, triggered by higher-than-expected CPI inflation data. The total cryptocurrency market cap shrank by 1.2%, with LINK holding steady against USDT and rising 0.2% against BTC. The main reason for this stability may be attributed to the rising whale activity. According to Santiment, large investors have been buying more LINKs since the recent market decline. From 1st October to 8th October, the number of large holders rose from 489 to 502, which means whales are back in the market. A rise in the number of whales is generally considered as a bullish signal, suggesting that big investors are preparing for future price rises. Their activity can also mobilize the retail investors and increase the attention towards the market. Even though the recent whale spike is relatively small, it suggests that major holders are becoming more hopeful, which may be the precondition for the rally. In addition, according to IntoTheBlock, the whale netflow has been increasing since October 8. This rise in whale holdings is concurrent with the 7-day MVRV Ratio drop from 8.12% to -4.41%, indicating more LINK holders are in the red. This change may alter the behaviour of investors and, indeed, spur more investments. Positive Developments Drive Chainlink Demand Besides whale accumulation, there are other factors that contribute to Chainlink’s positive outlook. Ronin, an Ethereum Virtual Machine (EVM) blockchain primarily for gaming, has also adopted Chainlink’s cross-chain interoperability protocol (CCIP). This decision strengthens the security of Ronin’s bridge and allows the project to focus on the acceleration of its development.  In addition, the integration will force Ronin to…

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Filed under: News - @ October 13, 2024 11:18 am