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A new report by on-chain analytics platform Santiment has shed light on the percentages of supply held by various large-cap assets' top 10 whales.
According to the data, the top 10 wallets hold 32% of LINK's total supply, slightly higher than USD Coin (USDC) at 27%, but significantly lower than Shiba Inu (SHIB), where the top 10 wallets control a staggering 62%.
This measure is crucial for investors, particularly retail traders. When a small number of wallets control a significant amount of a coin's supply, there is a greater risk of sudden dumps or price manipulation should the largest whales decide to exit their positions.
At press time, Chainlink's price was down 3.75% in the last 24 hours to $13.40, owing to a market sell-off fueled in part by macroeconomic concerns.
In June, the U.S. employment picture was significantly better than expected, supporting Federal Reserve Chairman Jerome Powell's determination to remain patient when it comes to easing monetary policy.
Moving forward, market participants are closely monitoring economic data for clues about the Fed's next move.
What's next for Chainlink?
Chainlink is holding firm above the key $12 support level, a price floor that analysts suggest could be the launchpad for a major upward move. According to Ali, "Chainlink (LINK) holding above $12 could pave the way for a breakout toward the $18–$20 range."
A move above key resistance at $14, which coincides with the daily SMA 50, might result in increasing buying pressure and short covering, potentially driving a climb to the daily SMA 200 at $16.77, followed by $18 and then $20.
The daily RSI remains slightly below the 50 midpoint level, hinting at the possibility of consolidation before the next major move.
Vladislav Sopov
U.Today Editorial Team