Whales Snap Up 6.2M LINK Amidst Price Dip – What’s Next for Chainlink?

• Chainlink whales accumulate 6.2M LINK ($76.88M) amid 9.71% price drop, signaling strong buy-the-dip sentiment.
• LINK’s 30-day MVRV at 11.1% suggests undervaluation, potentially driving future price gains.
• Derivatives market shows bullish dominance with $443.74M in trades and notable short liquidations.

In the past week, Chainlink (LINK) has seen a notable uptick in whale activity, with large investors acquiring a substantial 6.2 million LINK tokens, equivalent to approximately $76.88 million. This surge in accumulation comes amidst a period of price correction for the cryptocurrency, which has seen its value decrease by 9.71% over the same period.

Data highlighted by prominent crypto analyst Ali Martinez underscores the strategic buying spree by whales, who seem to have seized on the recent dip in LINK’s price, now hovering around $11.17 according to CoinMarketCap. This downturn appears to have triggered a buy-the-dip sentiment among major players in the crypto market, reinforcing optimism about LINK’s future trajectory.

A key metric, the 30-day Market Value to Realized Value (MVRV) ratio, currently stands at 11.1% for LINK, indicating that the cryptocurrency may be undervalued. This statistical insight from Santiment suggests a ripe opportunity for investors to enter the LINK market, potentially driving further price appreciation in the near term.

Despite the recent price volatility, Chainlink has shown resilience in its derivatives market. Trading volumes have surged by 63.75%, reaching $443.74 million, while open interest has risen by 3.40% to $154.18 million. Long positions dominate the derivatives landscape, particularly on platforms like Binance and OKX, where the long/short ratio for LINK/USDT pairs reflects bullish sentiment among traders.

Interestingly, the derivatives market for Chainlink has also witnessed significant liquidations of short positions, totaling $1.52 million in the last 24 hours alone. This trend suggests a notable shift away from bearish bets, potentially paving the way for further upward movement in LINK’s price.

Moreover, the current live price at presstime, Chainlink stands at $13.37, marking a 3.82% increase in the past 24 hours. With a robust trading volume exceeding $354 million, Chainlink continues to attract attention from both retail and institutional investors alike.