Markets
Crypto whales are accumulating this altcoin amid the crypto market crash
The cryptocurrency industry has shrunk amid waning medium-term optimism in recent weeks. As for the price of Chainlink (LINK), the altcoin has fallen more than 21 percent in the past four weeks to settle at around $14.33 on Wednesday during the early London session.
However, the crypto outlook will soon improve as more investors enter the industry. The Fed is expected to remain dovish in the coming quarters as inflation eases amid the upcoming general election, thus signaling inevitable interest rate cuts. Furthermore, European and Canadian governments have already initiated interest rate cuts.
Chain link whales on the move
According to on-chain data analysis provided by Lookonchain, 54 new Chainlink wallets withdrew 2.08 million LINK, worth around $30.28 million, from Binance in the past seven days. The Chainlink ecosystem has grown into a vibrant ecosystem supported by institutional investors and retail traders.
According to on-chain data, the Chainlink network has over 720,000 holders with non-zero balances.
Growing ecosystem
The Chainlink network provides crucial oracle data for web3 and smart contract developers. As a result, more institutional investors looking to build web3 projects involving real-world asset (RWA) tokenization have been exploring the Chainlink network.
Additionally, Chainlink’s CCIP is already used by dozens of institutional investors looking to build scalable and interoperable applications. In the most recent adoption, the company announced that Fidelity International and Sygnum have partnered with Chainlink to provide on-chain NAV data for Fidelity International’s $6.9 billion money market fund.
Medium-term expectations
Chainlink price has been stuck in a megaphone weekly consolidation since the beginning of this year, while Bitcoin price has reached its all-time high. According to a popular crypto analyst, Michaël van de Poppe, LINK price is on the verge of a major bullish rally in the near term.
Furthermore, Bitcoin’s weekly dominance signaled an inevitable reversal that will trigger the much-awaited altseason.