Chainlink’s Price Stalls, But Whales and Partnerships Signal upward Trend
Chainlink’s price has been flat recently, hovering around $14.20. However, signs point to a potential rise soon.
Whale activity is a key indicator. Large investors have been buying more LINK. Those holding between 100,000 and 1 million coins now own 173 million LINK, up from 143 million in november. This increase is worth about $420 million. Similarly, whales with 1 million to 10 million coins have boosted their holdings from 183 million to 203 million as February.
Exchange supply is also dropping. It’s fallen from 21% in March to 19%, the lowest since March 13. This is good news, as it suggests holders are less likely to sell.
Chainlink’s partnerships with big institutions like Swift and DTCC are also promising. DTCC is testing Chainlink’s protocol to improve mutual fund data. Swift aims to use Chainlink for global tokenized asset transfers. Both handle massive annual volumes, over $3.7 quadrillion and $150 trillion, respectively.
Technically, LINK has shown bullish signs. It’s above the 50-period moving average and has formed a falling wedge and inverse head and shoulders pattern. This suggests a potential 30% rise to $20.
