Coin Edition -
- On-chain data shows the purchase of nearly 406 million LINK tokens by 68,540 addresses.
- The 406 million tokens were bought at prices between $6.3 and $7.
- That could represent crucial support, preventing LINK’s price from falling to lower levels.
Ali, a renowned crypto analyst on Twitter, has identified some significant activity on the Chainlink ecosystem that could significantly impact the price action. In a tweet, Ali revealed details of on-chain data showing the purchase of nearly 406 million LINK tokens by 68,540 addresses.
#Chainlink | On-chain data shows that 68,540 addresses bought ~406 million $LINK tokens between $6.3 and $7.This demand wall represents a major support area that could prevent #LINK from hitting new lows. pic.twitter.com/5Dcz485udt— Ali (@ali_charts) April 3, 2023
Ali noted that the addresses purchased the tokens at prices between $6.3 and $7. According to him, this could have a technical implication for LINK’s future price behavior. The large buy orders around the noted prices would represent a crucial support area that could prevent LINK’s price from falling to lower levels.
LINK recovered from a local low of $5.900 after retracing by nearly 30% from a yearly high of $8.397, according to data from TradingView. The price reached a new high on February 20, 2023, following a rally that started at the beginning of the new year and swept across all the top cryptocurrencies in the crypto market.
During the rally, LINK surged from $5.569 to the yearly high, gaining more than 51%. As of the time of writing, LINK trades at $7.271, a few points above the upper limit of the large purchase identified by Ali.
According to a CoinMarketCap description, Chainlink is a blockchain abstraction layer that allows blockchain interaction between external data feeds. It ranks as the 19th cryptocurrency based on market capitalization. LINK has a circulating supply of 517 million tokens, with a trading volume of $293.9 million in the last 24 hours.
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