Chainlink (LINK) Price Dip: Can Whales Propel It to $20?
BeInCrypto
21 Nov 2023 10:56 AM
After nearly a month-long buying frenzy, Chainlink bulls show signs of fatigue. Will the LINK price rebound towards $20?...
- The Chainlink (LINK) price has dropped 15% from its yearly peak of $16.60.
- On-chain analysis shows that the top 150 holders of Chainlink were pivotal in the rally.
- These top holders have reduced their LINK holdings by 1.56 million tokens since the local top, raising fatigue concerns.
- The selling by top addresses is seen as a bearish indicator and could impact the price negatively.
- Retail investors are also buying less, with a 53% decline in overall buying pressure among existing LINK holders.
The sentiment in the article is mostly negative, as it highlights the fatigue and selling pressure among top holders and retail investors.
You May Ask
What is the current price of Chainlink (LINK)?How much has the LINK price dropped from its yearly peak?What is the significance of the top 150 Chainlink holders reducing their LINK holdings?How are retail investors contributing to the decline in buying pressure?What factors could potentially boost the Chainlink price in the future?