Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoin and more.
Start making money Care
Institutional demand for Chainlink appears to be increasing, which could increase LINK’s price.
Grayscale crypto fund announced that it will add LINK to its large-cap crypto fund in a release yesterday. The move comes weeks after the company launched a new Chainlink trust, which provides institutional investors with exposure to token price fluctuations.
The world’s largest crypto asset management firm says it has sold “existing Fund Components by their respective proportions” and used “proceeds to buy Chainlink (LINK) for spending. Fund’s Construction Releases. “
Data from crypto analysis taken Bybt shows that Grayscale made around 66,000 LINKs over the past week, worth more than $ 2 million. The company currently holds close to 115,600 LINK, accounting for 0.90% of the total number of digital assets in its large-cap cryptocurrency fund.
Chainlink’s market value has risen 20% since the beginning of the month as institutional demand has risen, overcoming the most important resistance hurdles ahead.
Little or no resistance before Chainlink
Based on IntoTheBlock’s Global In / Out (GIOM) chain analysis engine, Chainlink appears to have built a floor price between $ 25.50 and $ 28.75. Here, more than 52,200 addresses have previously purchased about 52.50 million LINK.
This large demand wall will likely provide stiff support, absorbing any downward pressure behind Chainlink.
The GIOM cohort also revealed that out of all the LINK addresses on the network, about 91.30% were “With Money” while 0.11% were “No Money”.
These figures indicate that the investment base behind the decentralized oracles token is confident of further price action going forward. Only a sudden spike in profit taking could see LINK fall as there is no major supply wall ahead.
Get one edge on the cryptocurrency market
Access more details and context about cryptocurrencies in every post as a paid member of the post livetechit Edge.
Join now for $ 19 / month Discover all the benefits
Like what you see? Sign up for updates.