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Decentralized oracle network Chainlink [LINK] also felt the ripples generated by the shock resignation of Binance [BNB] CEO Changpeng Zhao (CZ).
The crypto asset plunged to $13.44 during U.S. trading hours, losing more than 7% of its value, according to CoinMarketCap.
However, as prices fell, opportunistic players went into accumulation mode, leading to a retracement. LINK recovered to $14.17 at the time of publication.
AMBCrypto examined the behavior of whale investors using Santiment’s data and found the aforesaid observation to be accurate. Transactions worth more than $1 million surged dramatically in the last 24 hours.
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Source: Santiment
The transactions resulted in a significant increase in holdings of specific user cohorts. The addresses owning 10,000-100,000 tokens and 1 million — 10 million tokens climbed sharply in the last 24 hours.
The buying frenzy indicated that there was optimism about the near-term outlook of LINK. Having said that, this is not investment advice, and readers should conduct their own research.
Additionally, retail investors, who hold a tiny fraction of whales’ holdings, were also seen opening their bags. This underscored that LINK’s demand was not restricted to any particular user base.
Source: Santiment
LINK’s upside potential was also examined by popular on-chain analysts. Ali Martinez noted that LINK entered a “key demand zone” between $13.8 and $14.20. This was because as many as 11,470 wallets accumulated LINK tokens in this range.
Martinez predicted that there was a strong likelihood of LINK attaining yearly peaks if it succeeds in staying above the range.
Realistic or not, here’s LINK’s market cap in BTC’s terms
LINK’s price dip also caused a decline in the dollar value locked in active futures contracts. As per AMBCrypto’s analysis of Santiment’s derivatives market data, the Open Interest (OI) fell 38% over the last 10 days.
Source: Santiment
While the funding rates were still positive, the lighter shade of green implied that the bullish sentiment wasn’t strong as of this writing.
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