Top 1% Chainlink Addresses Now Hold 81.737% of the LINK Supply

Quick take:

• Chainlink holdings of the top 1% LINK addresses have hit a 3 year high
• These addresses now hold 81.737% of the total supply
• ChainLink (LINK) has set a new all-time high of $23.75 
• LINK’s bullishness could continue if Bitcoin provides a stable environment above $34k

The Chainlink holdings of the top 1% LINK addresses has just hit a three year high. This is according to data from the team at Glassnode that indicates that these addresses now hold 81.737% of the total supply. The team at Glassnode shared this information via the following tweet.

? $LINK Percent Balance of Top 1% Addresses just reached a 3-year high of 81.737%

Previous 3-year high of 81.658% was observed on 14 January 2021

View metric:https://t.co/Yu7MgXuKe8 pic.twitter.com/MdjmhXrbgv

— glassnode alerts (@glassnodealerts) January 17, 2021

Accumulation of LINK Hints of Bullishness

As can be seen in the chart from the tweet above, LINK whales have been accumulating the token since 2019. The accumulation to date is proof that they are particularly bullish regarding the future value of ChainLink (LINK).

Chainlink Hits New All-time High of $23.75 – Binance Rate

With regards to price, Chainlink has just set a new all-time high of $23.75 – Binance rate. At the time of writing, Chainlink is trading at $22.30 in what looks like consolidation above the $22 support zone. Chainlink’s bullishness is very much linked to the stability of Bitcoin and if BTC can continue with its sideways movement above $34k, LINK could keep pushing higher in the hours and days to follow.

A quick glance at the daily LINK/USDT chart above reveals the following.

• Chainlink’s momentum is bullish despite being in overbought territory
• The daily MFI, RSI and MACD further confirm the overbought scenario
• The current bullish momentum mimics that seen in July of last year
• The $20, $16 and $12 price areas offer strong support on a macro level
• Chainlink could keep moving up if FOMO has kicked into high gear

Conclusion

Summing it up, the top 1% Chainlink addresses are accumulating LINK in a manner that hints that they are confident regarding the long term value of the token. From a technical analysis point of view, Chainlink has just set an all-time high with the majority of its daily indicators in overbought territory.

However, fomo might have already kicked in and Chainlink could very well be on a path towards higher levels as witnessed in July of last year. In terms of support zones on a macro level, $20, $16 and $12 provide areas of interest should there be a quick correction by Chainlink.

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