A leading analytics firm says that deep-pocketed investors are scooping up millions of Chainlink (LINK) after a sudden price dip to a three-year low.
Santiment says that wallets holding between 1,000 to 100,000 Chainlink accumulated 3.9 million LINK, worth about $20 million, during the last week.
The big whale activity marked a record high for 2023, according to the firm.
“The amount of Chainlink whale transactions has hit a 2023 high as prices fell to a three-year low $5 this weekend. Mid-sized 1,000-100,000 LINK wallets are particularly accumulating big, with 3.9 million LINK (worth $20 million) accumulated in the past week.”
At time of writing, the decentralized oracle network is trading for $5.21, down 16.3% during the past seven days, and is down over 90% from its all-time high.
Santiment has its radar on Ethereum (ETH) competitor Cardano (ADA), which the firm says may have reached its “buy the dip” zone after a crash on the weekend.
The analytics firm says that trading volume and social dominance is at 2023 highs for ADA after it dipped to the $0.25 level.
“The Cardano capitulation happened more notably than other altcoins during Friday’s crash. After prices fell -35% between June 5-9, the buy-the-dip opportunity came when ADA volume, address activity, and social dominance all hit 2023 highs on Saturday.”
Cardano is worth $0.27 at time of writing, down 22.4% during the last seven days, and is 91% down from its all-time high.
According to Santiment, the altcoin market appears to be in the process of stabilizing this week after plummeting over the weekend. The collapse was coincided with the U.S. Securities and Exchange Commission (SEC) suing the world’s top two crypto exchanges, Binance and Coinbase for alleged securities violations and labeling a number of altcoins as securities.
“With traders still very much aware of the SEC going after Binance and Coinbase, the mass hysteria has at least settled down. Until the next developments with the lawsuits, we could see some gradual rising of prices back to pre-crash levels.”
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