Quick take:
The Chainlink holdings of the top 1% LINK addresses has just hit a three year high. This is according to data from the team at Glassnode that indicates that these addresses now hold 81.737% of the total supply. The team at Glassnode shared this information via the following tweet.
As can be seen in the chart from the tweet above, LINK whales have been accumulating the token since 2019. The accumulation to date is proof that they are particularly bullish regarding the future value of ChainLink (LINK).
With regards to price, Chainlink has just set a new all-time high of $23.75 – Binance rate. At the time of writing, Chainlink is trading at $22.30 in what looks like consolidation above the $22 support zone. Chainlink’s bullishness is very much linked to the stability of Bitcoin and if BTC can continue with its sideways movement above $34k, LINK could keep pushing higher in the hours and days to follow.
A quick glance at the daily LINK/USDT chart above reveals the following.
Summing it up, the top 1% Chainlink addresses are accumulating LINK in a manner that hints that they are confident regarding the long term value of the token. From a technical analysis point of view, Chainlink has just set an all-time high with the majority of its daily indicators in overbought territory.
However, fomo might have already kicked in and Chainlink could very well be on a path towards higher levels as witnessed in July of last year. In terms of support zones on a macro level, $20, $16 and $12 provide areas of interest should there be a quick correction by Chainlink.