The Chainlink hold of the top 1% of LINK addresses has just hit its highest level in the past three years. These are published data from the team at Glassnode, which show that these sites currently hold 81.737% of the total supply.
📈 $ LINK Percent Balance of Top 1% Addresses just reached a 3-year high of 81.737%
Previous 3-year high of 81.658% was observed on 14 January 2021
- glassnode alerts (@glassnodealerts) January 17, 2021
As can be seen in the chart from the tweet above, LINK whales have been accumulating tokens since 2019. The accumulation so far is evidence that they are particularly optimistic about the future value of ChainLink (LINK).
In terms of pricing, Chainlink has just established a new all-time high at $ 23.75 - exchange rate on the Binance exchange. At the time of writing, Chainlink is trading at $ 22.11. LINK's bullish momentum has a lot to do with Bitcoin consolidation, and if BTC can continue to move sideways above $ 34k, LINK could continue to push higher in the following hours and days.
A quick look at the daily LINK / USDT chart above shows a few things:
- Chainlink's motivation is to increase despite being in the overbought zone
- The daily MFI, RSI and MACD further confirm the overbought scenario
- The current upside momentum mimics the already seen upside momentum last July
- Price areas 20, 16 and 12 USD provides strong support at a macro level
In summary, the top 1% of Chainlink addresses are accumulating LINK in the way they are confident in the long-term value of the token. From a technical analysis point of view, Chainlink has just established an all-time high with the majority of its daily indicators in the overbought zone.
However, fomo may already be up and running and Chainlink is most likely on the way towards higher levels as seen last July. On the macro level of support, $ 7, $ 20, and $ 16 provide support if Chainlink faces quick corrections.