Market Confidence Shown as Whales Accumulate 62M LINK amidst Price Decline

Coin World News Report:
In the volatile market, Chainlink whales have increased their holdings by 6.2 million LINK ($76.88 million), indicating confidence in the future performance of LINK.
The number of Chainlink whales has significantly increased, accumulating over 6.2 million LINK, valued at approximately $76.88 million, in the past week. Ali Martinez recently reported on this activity, highlighting significant behavior by major shareholders in volatile market conditions.
#In the past week, Chainlink whales have bought over $6.2 million worth of LINK, totaling approximately $76.88 million! pic.twitter.com/Hats1Nmsny- Ali (@Ali_charts) July 8, 2024
According to Ali’s chart, the price of LINK has shown volatility, with significant declines and fluctuations, a sharp rise in mid-May, followed by a decline. Nevertheless, the number of whales shows a clear upward trend, especially in the past week. This indicates that whales are taking advantage of lower prices to increase their holdings.
Interestingly, despite the downward trend in price, whales have still been accumulating LINK. This inverse relationship may indicate that whales are confident in the future performance of LINK and see lower prices as an opportunity to strengthen their positions.
Equity Distribution and Market Sentiment
The ownership distribution of LINK shows that whales account for approximately 50.29% of the total supply, equivalent to approximately 50.289 million LINK. It is worth noting that the high concentration of a few addresses can lead to higher market volatility, as their actions have a significant impact on prices.
Chainlink Ownership Statistics | IntoTheBlock
This chart illustrates the distribution among different holders: whales, investors, and retail. Although the exact percentages of investors and retail are not provided, the significant portion held by whales indicates their dominant influence on market dynamics.
Short-term Trading Volume and Accumulation Trends
The trading volume for LINK in the past 15 minutes is 53.187K, reflecting the short-term average trading volume. An increase in trading volume often accompanies significant price fluctuations. The accumulation/distribution indicator stands at 237 million, indicating balanced buying and selling activity as the indicator remains stable.
Short-term Performance of LINK
The relative strength index (RSI) is 46.91, indicating a neutral market with no significant momentum in either direction.
It is crucial to remember June; Chainlink whales took advantage of a brief market recovery and sold a portion of their holdings. According to Santiment charts, as of June 16, the top 100 whale wallets held 704.47 million LINK tokens.
However, after Ethereum received a landmark legal approval from the U.S. Securities and Exchange Commission on June 17, these whales sold approximately 2.25 million LINK tokens, worth around $40 million, by June 20.