Chainlink's Top 10 Whales Now Hold 63.3% of LINK's Circulating Supply

Chainlink's Top 10 Whales Now Hold 63.3% of LINK's Circulating Supply

July 18, 2021

Percentage Supply Held By Chainlink Whales Has Dropped from 67.5% in Jan. 2021

From the chart shared above, it can be observed that the aforementioned Chainlink whales held roughly 67.5% of LINK’s circulating supply in January of this year. Additionally, the same whales held roughly 69% of Chainlink’s circulating supply throughout the fourth quarter of 2020. This, in turn, translates to an encouraging and ongoing redistribution of LINK holdings away from the whales and to other holders.

Chainlink’s $15 is the Level to Watch Amidst a Descending Triangle

With respect to price action, Chainlink is still in bear territory as it trades below the 50-day, 100-day and 200-day moving averages as highlighted in the chart below. Additionally, Chainlink is currently trading within a descending triangle with a floor at the $15 support area that held on May 23rd and June 22nd.

Also from the chart, the following can be observed:

  • Chainlink has additional support at its current levels of $18
  • The daily trade volume is declining and a red flag for additional losses with the new week
  • The daily MACD is also confirming the reduced interest in trading Chainlink
  • The daily MFI and RSI are in neutral territory
  • Chainlink’s death cross is still very much in play at least till LINK manages to trade above the 50-day moving average

As with all analyses of altcoins such as Chainlink, traders and investors are reminded to have an eye out for Bitcoin’s sudden price moves in either direction when trading LINK on the various derivatives platforms.

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