Whales have been accumulating a significant amount of Chainlink (LINK) as the cryptocurrency prepares for a potential rally. In addition, Weiss Ratings has upgraded Chainlink’s rating to “A-“, putting it on par with Bitcoin.
Over the past three months, Chainlink has experienced a surge of 124%, reaching a price of $14.2. During this period, the price has increased by $7.88. In the last 30 days, the asset has seen a 37% surge, with a current bullish market sentiment scoring 64/100. Prior to the bullish run, whales had been accumulating large quantities of the asset, as reported by Santiment.
The accumulation process began on October 17 when Chainlink was trading around $7. Within that time frame, approximately 40 million LINK tokens were accumulated, increasing the total tokens held by leading addresses from 693 million to 736 million. As of now, these addresses hold a cumulative volume of 741 million tokens.
This data indicates that Chainlink activities were on the rise at the end of October. Prior to this period, transaction numbers were reportedly below 100, with occasional spikes. However, starting from October 23, the number of transactions began to increase and surpassed 500 by November 9, the highest recorded this year. As of now, the transaction count has fallen to 96, but it still maintains a better standing compared to most of the year.
Analyzing the daily timeframe chart of Link, there has been an 8% surge in the asset’s price, indicating a parabolic movement. Although there has been a 0.78% decline in the last 24 hours and a 4% decline in the last seven days, its upward potential is supported by a Relative Strength Index (RSI) reading above 50 and a Moving Average Convergence Divergence (MACD) above one, indicating a bullish momentum. Analysts predict that the asset could reach a maximum price of $25.56 by the end of the year.
Weiss Ratings, a respected finance and crypto ratings agency, recently announced that it has upgraded Chainlink’s rating to “A”. This places Chainlink as the only “A” rated crypto asset alongside Bitcoin. The rating takes into account historical data, tech and adoption developments, and market performance.
The “B” category includes a few assets such as 0x (ZRX), Cardano (ADA), Polygon (MATIC), Status (SNT), and Ethereum (ETH). Three assets in this category, Aave (AAVE), Loom Network (LOOM), and Stellar Lumens (XLM), have been downgraded. So far, Weiss has rated a total of 324 crypto assets, with only a few falling into the A and B categories. The majority, around 60%, are in the D and E categories.
According to Weiss analyst Chris Coney, newcomers to the crypto space should focus on establishing a foundational position in Bitcoin before venturing into other cryptocurrencies.
In my personal opinion, individuals should refrain from investing in any other crypto assets until they have established a strong position in Bitcoin.
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