Chainlink whales buy 10 million LINK after 17% price drop

Large investors in Chainlink appear to have taken advantage of the recent price dip. After the LINK price fell from $13.68 to $11.29, a decline of 17%, whales bought around 10.36 million LINK in the past 96 hours. The total value of those purchases is approximately $120 million. According to data from Santiment, the amount of LINK held by large addresses rose in a short time from around 294 million to more than 306 million tokens.

In brief:

• Chainlink fell 17% from $13.68 to $11.29
• Whales bought 10.36 million LINK worth approximately $120 million in four days
• The total LINK holdings of large addresses rose to more than 306 million tokens

Substantial purchases after sharp decline

The accumulation followed a relatively short but sharp decline in the LINK price. That large parties bought more precisely at that moment is a pattern that occurs more often with assets in which institutional or wealthy investors are active.

Analyst Ali, better known as @alicharts, shared the chart based on Santiment data. It shows that the LINK holdings of whales increased strongly on day 12 of the measurement period, from a level of around 298 to 302 million to 306.36 million tokens.

Position for recovery or cautious buying opportunity?

Whether the accumulation will also lead to a price recovery is not certain. That whales buy more after a sharp decline may indicate confidence in a higher price in the long term, but it remains an indication and not a guarantee.

The Chainlink price stood at around $11.29 at the time of the tweet. Further price developments depend, among other things, on broader market conditions and whether demand from smaller investors picks up.