Chainlink Shows Impressive Recovery with 50% Surge in One Month, Reveals Crypto Analytics Firm

Crypto analytics firm IntoTheBlock has revised its assessment of Chainlink (LINK) following an impressive rebound within a mere month. According to their latest findings, the cryptocurrency has experienced a remarkable surge of over 50% since June, resulting in a significant reduction in the number of LINK holders facing losses this year.

IntoTheBlock suggests that Chainlink still has room for further growth, with the next potential price resistance level anticipated at $10, presenting a potential increase of more than 22% from its current value.

However, the firm also points out that this bullish trend could face a dip if some investors decide to take profits. Although the recovery appears promising, roughly half of the investors are currently incurring losses, the lowest figure reported this year. Given the recent upswing, some holders might consider selling their LINK holdings to secure gains. Notably, the majority of potential resistance is projected to be at higher prices ($10 and above).

Chainlink experienced a dip to $5.12 on June 23rd, but it has impressively surged to $8.16 at the time of writing, reflecting an impressive 59% increase.

According to IntoTheBlock’s data, approximately 43% of LINK holders are currently seeing profits, while 51% are in a negative position.

The firm’s research also reveals that around 69% of Chainlink holders have retained their tokens for over a year, 27% for a duration ranging from one month to a year, and 4% for less than a month.

In addition to Chainlink, IntoTheBlock is closely monitoring the smart contract platform Ethereum (ETH). They observed a significant amount of ETH moving onto centralized exchanges (CEXs) this week, the highest recorded inflow in the past two months. Such an influx may indicate an increased likelihood of selling of Ethereum, the second-largest digital asset by market cap.

Notably, the inflow of ETH into CEXs was largely attributed to a single wallet address that acquired 61,216 ETH during its initial coin offering (ICO), underscoring the significance of large individual investors in the cryptocurrency space.

As of the time of writing, Ethereum is trading at $1,891, with a slight increase of 0.1% over the last 24 hours.

Furthermore, IntoTheBlock highlights three digital assets with a significant portion of their token supply held by long-term holders for five or more years. Topping the list is Bitcoin (BTC) with 29% of its supply being unmoved for such an extended period, followed by Dogecoin (DOGE) at 17%, and Litecoin (LTC) at 13%.

The data on unmoved coins offers valuable insights into the long-term vision of crypto investors, as revealed in IntoTheBlock’s latest infographic that explores this phenomenon for Bitcoin, Litecoin, and Dogecoin.

Read Also: Crypto Analytics Firm Santiment Reports Significant Surge in Whale Transactions and Trading Volume for Chainlink (LINK)

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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