The release of v0.2 of LINK staking served as a catalyst for Chainlink. Thus, the altcoin price increased. Now many big wallet holders are sitting on unrealized profits. This creates the risk of cashing out and driving the price down again. According to analyst Ekra Mourya, LINK is likely on the verge of a correction due to increased profit-taking pressure from whales.
ChainLink v.0.2 staking pool is filling up
According to a post from Chainlink’s official It’s officially full. It is possible for existing stakers to withdraw their staked tokens. They can also open v0.2 to everyone in the ecosystem by making room in the pool for new stakers.
The #Chainlink Staking v0.2 community pool has officially filled, with over 19M additional LINK staked in under 7 hours since Early Access opened ⬡
We want to thank the community—both v0.1 migrators and new stakers—for participating in the v0.2 launch and putting 40,875,000… pic.twitter.com/SpbFR7b7lX
— Chainlink (@chainlink) December 7, 2023
Altcoin will have difficulty as whales try to take profit!
According to data from on-chain analytics platform Santiment, there is a bearish bias in the network growth metric for LINK. Network growth tracks the number of new addresses created on the entity’s network each day. This helps determine whether LINK is losing traction or is being adopted among market participants. Chainlink’s network growth is currently trending downwards with the altcoin price. This supports the thesis of an upcoming correction in LINK.
ChainLink network growth and price. Source: SantimentLINK is at risk of crashing under increasing selling pressure as whales engage in profit-taking activities. Whale trades valued at $100,000 and above coincide with profit-taking increases in the Network Realized Profit/Loss (NPL) metric between December 1 and 8. This indicates that major wallet addresses are booking profits on LINK. It also shows that this is likely to increase selling pressure on assets across exchanges.
ChainLink whale transaction count (>$100,000), NPL. Source: SantimentLINK price is trending above important support
According to data from IntoTheBlock, the altcoin price is currently above the key support zone between $14.55 and $15.94, where 38,660 wallets have accumulated $84.1 million in LINK tokens. LINK price is currently $16.08 on Binance. It should be noted that it is possible for the 92.49% wallet addresses that are currently in profit to take profit. It is important to note that this is also likely to reduce the LINK price.
Global Money Inflow/Outflow. Source:IntoTheBlockIn case of a decline, the altcoin price will likely find support in the zone between $14.55 and $15.94.
The predictions and opinions in the article belong to the analyst and are definitely not investment advice. As Kriptokoin.com, we recommend that you do your own research before investing.
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