LINK Regains $23, It Can Thrive as Long as These Two Conditions Are Fulfilled: Santiment

Chainlink has recaptured the $23 level it had not seen since October. According to a recent tweet by Santiment, 20th-ranked LINK managed to do it due to the sustained negative sentiment from investors since October.

The analytics team has suggested two necessary conditions which, if fulfilled, are likely to allow LINK to thrive in the future. Those are limited euphoria and high FUD. As long as these two conditions are fulfilled, LINK will prosper, as per the Santiment tweet.

?? #Chainlink regained the $23 threshold in the early hours to start the week. This comes as the crowd has had the most sustained negative sentiment toward the asset since October. As long as euphoria is limited and #FUD is high, $LINK can thrive. https://t.co/HoDof2Ntgq pic.twitter.com/Ky5xLAAAH5

— Santiment (@santimentfeed) December 27, 2021

LINK price action this year

Along with many altcoins, LINK reached a new all-time high in May this year, when the flagship cryptocurrency, Bitcoin, skyrocketed above the $63,000 level. Prior to that, Tesla CEO Elon Musk managed to announce first the company beginning to accept BTC as payment for e-cars and then shut those payments down because of environmental issues related to mining.

LINK hit a historic peak of $52.88 on May 10. Since then, it plunged to a $13.78 low on July 20 and, after that, the highest price marks Chainlink coin has been able to reach have been $34, on Sept. 6 and Nov. 11.

ETH whale buys $1 million of LINK

According to a recent tweet posted by WhaleStats, an Ethereum whale, owner of the 0xc333e80ef2dec2805f239e3f1e810612d294f771 wallet ranked 128th, has purchased 45,999 LINK for $1,034,075.

? An ETH whale just bought 45,999 $link ($1,034,075 USD).

Ranked #127 on WhaleStats: https://t.co/WXSG9vh0FC

Transaction: https://t.co/HcgyJjDl16#LINK #ERC20 #DEFI #ETH #whalestats

— WhaleStats - the top 1000 Ethereum richlist (@WhaleStats) December 26, 2021

LINK is the third biggest holding in the wallet of this whale, worth $10,659,814. However, this crypto holder definitely favors USD-backed stablecoins as position number two in his wallet is held by Tether's USDT ($33,408,654 in total), and position four is held by USDC (worth $5,890,050).

The largest holding here is Ethereum, of which the whale holds a whopping $302,199,360 (74,464 ETH), which stands for 84.35% of his total crypto holdings.

The total worth of the whale's crypto assets in fiat is $358,240,165.

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Whales busy grabbing LINK

Earlier this fall, U.Today covered that whales hold approximately $431 million worth of LINK after they added 15.2% of the LINK supply to their wallets on the dip.

Those are wallets owning from 1 million to 10 million LINK. Back in October, they held 167.7 million Chainlink coins.