Ali, a crypto analyst, spots remarkable accumulation by Chainlink whales in the wake of the network's successful joint blockchain experiment with Swift.
Citing Santiment data, Ali observed that Chainlink whales have purchased over 4 million LINK totaling a staggering $24 million in just the last 10 days.
It should be recalled that 10 days ago, on Aug. 31, news broke that Interbank communications system Swift and Web3 services platform Chainlink had successfully moved tokenized value across numerous private and public blockchains in a blockchain experiment.
The consequences of the noteworthy development came calling as Santiment observed on Sept. 7 that Chainlink's key shark tier, which holds between 10,000 and 100,000 LINK, was on an accumulation spree.
Santiment highlights growth in the number of these addresses, stating that over 3,127 wallets now hold 10,000–100,000 LINK, making it the highest amount since Dec. 3, 2022. A total of $9.6 million worth of LINK, or 0.154% of the entire supply, was also accumulated by this address class in just three days.
Aside from accumulating, Chainlink's shark wallets holding 10,000 to 100,000 LINK also saw an increase of 98 new wallets at the time of Santiment reporting.
Sergey Nazarov, Chainlink's founder, is excited about the prospects of Chainlink's collaboration with Swift.
In a Sept. 8 post, Nazarov stated that "Multiple leading market infrastructures and the largest major financial institutions are now clearly seeing the value of tokenization, and we are nearing an inflection point for blockchain adoption in capital markets. The next frontier of finance is on-chain, and Chainlink is the gateway."
LINK price action
At the time of writing, LINK was down 2.27% in the last 24 hours to $6.11. Whales or large holders typically utilize periods of dips to accumulate more at a discount.
That said, LINK might be facing downside risk as it eyes the formation of a death cross on its daily charts.
A death cross occurs in technical analysis when the 50-day moving average crosses below the 200-day moving average and is frequently interpreted as a bearish indication. In previous Chainlink instances, the formation of a death cross often led to a bottoming phase.
The previous instance of a death cross recorded in June led to LINK bottoming at $4.83 and then attaining highs of $8.45 barely a month later.