Crypto Analysis: Chainlink (LINK) Shows Bullish Signals Amidst Correlation with Bitcoin Price

Crypto Analysis: Chainlink (LINK) Shows Bullish Signals Amidst Correlation with Bitcoin Price

Crypto News – Over the past 30 days, Chainlink’s price has exhibited a distinctive deviation from the broader cryptocurrency market. Particularly noteworthy is the current trading zone of $LINK, which holds historical significance in relation to Bitcoin’s price. Could this signal another bullish wave for this top-ranking altcoin?

Analyzing LINK Price Versus BTC

Examining the price patterns of LINK in conjunction with BTC, a negative correlation has been observed whenever $LINK has shown optimism around the $8 mark. Renowned crypto influencer DocXBT has pointed out that a rise in LINK’s price above $8 is often followed by a sell-off in BTC. This suggests a deliberate move by Bitcoin whales to enter the Chainlink market, foreseeing potential profits.

It’s intriguing to note that the token’s price has recently approached the pivotal $8 milestone. Additionally, signals from altcoin whales indicate bullish momentum through recent buying activity.

Bullish Sentiment Among $LINK Whales

Simultaneously, $LINK whales have displayed increasing confidence in the altcoin, accumulating approximately $53 million worth of tokens within the last two weeks. On-chain data reveals that these whales have acquired over 7.5 million LINK in this short timeframe. Further bolstering this positive momentum is the notable increase in Chainlink address activity to a two-month high, coupled with a decrease in the token’s supply on centralized exchanges (CEXs).