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The post Chainlink Witnesses Increased Whale Activity, LINK Price Rally On Charts appeared first on Coinpedia Fintech News
Chainlink (LINK), the 21st cryptocurrency by market cap, was trading positively but has recently begun struggling for a bull run again.
Since the early hours of the day, the currency has seen a notable bearish trend. At the time of writing, Chainlink is selling at $7.70 after a drop of 2.42% over the last 24hrs.
The currency plunged below the crucial level of $7.89, which is not a good sign for the currency. Chainlink’s support lies near $7.65, and the resistance is positioned at $8.36.
Could things look up for the asset any time soon?
Increased Whale Activity
A highly reputed analytic firm, Santiment, claims that Chainlink, an Ethereum (ETH) based altcoin, is experiencing increased whale activity.
As per Santiment data, there was an increase in daily whale transactions since the start of the week on the Chainlink (LINK) network, which has not been seen since mid-June.
The firm claims that this whale activity surge indicates a bull rally.
#Chainlink has been showing hints of being somewhat decoupled from #crypto since September 21st, and has just reclaimed the $8 threshold again. High stake holders have been growingly active, and this is often the key to sustained #altcoin rallies. https://t.co/KsyRTpSHF3 pic.twitter.com/jDYZqubRIV
In addition, Santiment asserts that the market is moving away from stocks and trading differently from it.
The two have been highly correlated for a while now- the crypto market had some bullish signs last week, but as the S&P 500 flipped downward, Bitcoin followed, dragging the whole market. However, the analytic firm says that the correlation between the two sectors is now breaking up.
Things were looking up for #crypto this past week, before the #SP500 took another nosedive and brought down $BTC, $ETH, and the rest of the digital assets. Nevertheless, there have been signs that the tight correlation between sectors has been breaking. https://t.co/7cGVtBtmWz pic.twitter.com/egTfpAnZLe
Before the end of the analysis, Santiment claims that Bitcoin’s (BTC) trading volume is moving upwards after the currency’s trade bottomed in January.
Trading volume has heated up for #crypto markets, and especially #Bitcoin. During the big leg down on Tuesday, $BTC peaked at its highest level of trading since June 14th. Volume has gradually risen all year since bottoming out in late January. https://t.co/jbT7GMDj3n pic.twitter.com/c0Bnm7Jl52
Currently, Bitcoin is changing hands at $19,393, with a surge of 3.62% in the last day.
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