LINK Marines Preparing to Sell at the Top with Price Just 2% Off of All Time High?
The price of LINK has been on an uptrend since the March sell-off when it crashed more than 65% from its all-time high of $4.97 hit just a few days before.
During this uptrend, there have been several pullbacks, the most prominent one in the mid of June when LINK went down to about $3.75.
On June 24, the price was nearly at its peak only to drop another 10%, and now LINK is back just 2% away from making a new all-time high.
Currently, the 12th largest cryptocurrency by market cap is trading at $4.86, up 3.65%. In 2020, so far, LINK is up 160% against USD and 106% against BTC.
Chainlink is a decentralized oracle network, allowing smart contracts to access off-chain data feeds securely. In recent times, it secured several partnerships that helped push its prices higher. Including China’s National Blockchain Service Network, Ontology, Delta Exchange, and AVA Labs are just some of the partnerships that was rolled out in June.
But the biggest contribution to this was the loyal holders that call themselves LINK Marines, who have been hodling for the past year.
As we reported, there has been an inverse relationship between the amount of LINK sent on the crypto exchanges and the price of the digital asset.
But it looks like some of the LINK investors now want to take off the profits.
According to the exchange data provided by Glassnode, over the weekend, almost 5,000 LINK was transferred onto the Binance wallets. This huge movement resulted in a daily net transfer volume into the exchange to be of more than $16 million worth of LINK, the largest one the Glassnode saw since it started tracking this data in February 2018.
With all the LINK added to crypto exchanges, Chainlink Alert, which tracks large Link transactions, feels it’s rather bullish.
“We don't alert on exchange to exchange transfers. Those funds are links unlocked by exchanges. This is extremely bullish as they are now starting to burn their stocks,” it said on the recent surge in activity.
However, the fact that MVRV values are in the positive zone, meaning almost everyone holding LINK is in profit, which makes sense when the price is near the peak, it is “dangerous,” said Santiment in its latest report on LINK.
The good thing is the social volume, which isn't very high as it usually is at the top. This is slightly bullish right now. Daily active addresses are also growing, yet another good sign for the price.
Now, it remains to be seen if another all-time high is coming today or just another dip.