- LINK’s reduced price has plenty of room to grow before it retests the break-even point for most investors.
- LINK’s current price point and mixed whale signals.
Chainlink’s native LINK token has seen some relief from downside since early 2023. But how much potential upside should LINK holders expect in terms of a significant recovery?
How much is 1,10,100 LINKS worth today?
According to a recent analysis by blockchain research firm IntoTheBlock, roughly 70% of current LINK holders are currently at a loss.
While this is true for most cryptocurrencies, the estimated breakeven point for most of the holders suggests that LINK is still heavily oversold.
The report also states that the break-even point for most traders is above the $30 price level.
1/4 Let’s talk about @chainlink . Despite the stable price movement over the past 6 months, analysis in the chain shows that 70% of $LINK holders are at a loss. This is not unusual for many altcoins, but it is still something to keep in mind. #LinkMarines pic.twitter.com/Sg9dqPwisD
— IntoTheBlock (@intotheblock) March 8, 2023
Chasing the discount?
The $30 price target is currently a far cry from the $6.58 price level at press time. CONNECTION it will need to sustain a $357% rally to regain its break-even price level. In other words, the token is still oversold and trading at a healthy discount.
IntoTheBlock’s analysis also highlighted the $6.34 price range as one of the closest supports levels to watch out for. So far, the price is down 21% from the current 2023 high.
Regardless, the current range is still within a healthy discount range. But is a sharp turnaround in the works or will the price continue to crash?
Is your portfolio green? Take a look Chainlink Profit Calculator
Analysis of Distribution of LINK supplies reveals that whale activity has slowed this week. However, we did see a bit of a build-up of addresses in the 100,000 to 1 million LINKS category.
The latter controlled 10.76% of LINK’s circulating supply. Additionally, addresses containing between 1 million and 10 million have experienced some outflows over the past three days.
The same category controls approximately 15% of the circulating supply, hence the larger price impact.
So far, most of the other top categories of whales have been relatively inactive, which is consistent with market uncertainty.
On the other hand, supply held by top addresses has seen positive growth over the past four weeks. The last increase seen in this indicator was in the first three days of March.
Should LINK Investors Expect a Stable Pivot?
Market outlook is an important aspect of LINK’s performance. The IntoTheBlock report confirms that LINK is highly correlated with Bitcoin, Ethereum and MATIC.
This means we may see some upside relief if Bitcoin manages to bounce off its support zone. If that fails, then LINK can also extend its short side.
#Chain #link #LINK #highly #undervalued #report