Chain Link prices have moved forward again from the market. While most Altcoins struggle to hold profits, Link Price has risen over 5% in the last 24 hours and over 140% in the past year.
It’s becoming more relevant because Oracle Network uses it with DEFI, but this latest gathering is more than just organic. That’s supported by the purchase of heavy wallets. However, one subtle metric may suggest pause.
Whale activity explains rising chain link prices
Over the past seven days, the whale wallet has added over 1.1 million links to its location. The current price is $24.80, which amounts to an inflow of about $27.2 million. Such capital is rarely random. It usually reflects beliefs. And it appears in the Chain Link price action.
Smart Money Wallets, which usually track market entries well, increased their holdings by 12.6% in a week.
Meanwhile, the top 100 link addresses have resumed accumulation slightly. The fact that all three segments move together is why link prices have escaped the weakness of the wider market.
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Missing link? Exchange Reserves tells a different story
Despite this strong whale support, one metric suggests that chain link prices can be cooler in the short term: exchange reserves.
On August 16th, link exchange balances fell to a monthly low of 16,259 million links as the rally speeded up. That was a good sign. That meant there were fewer link tokens sitting in exchange, so sales pressure could have been low.
But that changed during the press.
As of today, reserves have increased to 162.9 million links. At current prices, there are over 300,000 links, or an increase of around $7.4 million. This shows that some traders are preparing to return the link to exchange and presumably book profits.
Furthermore, the balance of whale wallets has been infiltrated slightly over the past 24 hours. In other words, some whales are no longer able to demonstrate their strength. The top 100 link addresses also show mild distribution. It’s not that big, but it’s enough to support the idea that profits may be close.
Please note that smart money continues to accumulate, suggesting a medium price conviction.
Thus, while a wider accumulation explains recent benefits, this change in reserves and wallet behavior is a missing link that can interrupt meetings and cause rapid consolidation.
ChainLink Prices stuck to two important levels
ChainLink prices currently trade around $24.80, sandwiched between major zones. The closest resistance is $25.70, with the above breaks that can send links to $28.20, and even $30.10. Levels mapped by Fibonacci projections.
However, there are also important zones to drawbacks.
If a short term sales builds, the first two support levels are $24.70 and $23.40, which is $21.40. These levels can be retained if the replacement spare stabilizes or starts dropping again.
So far, bullish cases are still held if smart money accumulation continues and whales resume purchasing. However, as reserves continue to rise, the prices of the link may cool down. A dip below $21.40 could beat existing uptrends and undermine the chain link price structure in the short term.
The price of chain links after the purchase of whales could derail the first appearance of Rally on Beincrypto.
