Chainlink price has climbed past the key resistance level at $6 despite a broad bearish market for altcoins this week. The price increase could partly be driven by activity from large wallet investors holding LINK, who have consistently accumulated the token this week. The trend has been significant among sharks, or holders that own between 10,000 to 100,000 LINK tokens.
Accumulation of Chainlink by sharks has fueled a rally in LINK price on previous occasions. This makes it a key metric for determining the direction of the LINK price trend. According to data from crypto intelligence tracker Santiment, Chainlink’s shark tier acquired $9.6 million worth of tokens within a three-day time frame. This increased demand is likely to act as a bullish catalyst for LINK.
Bitcoin (BTC) holders have sent nearly 5,983 BTCs to exchanges during Thursday’s early Asian session. This move opens up the pioneer crypto to more southbound movement after it recently plummeted 10% at the end of August and early September.
In the early Asian session on September 7, nearly 5,983 BTCs were sent to centralized exchanges. This uptick can be spotted on data analytics platform CryptoQuant’s exchange netflow index. At the time of writing, Bitcoin price trades at $25,798, which makes this inflow worth $155 million.
XRP price tackled support at $0.50 on the daily price chart on Binance, as holders await a recovery in the asset. The altcoin is a demand zone between $0.46 and $0.50 and likely risks a slump in its price in the short term.
Two catalysts influencing XRP price are legal minds’ analysis of the contents of the Howey memo, drafted by the Securities & Exchange Commission’s (SEC) enforcement lawyers, and former SEC executive William Hinman’s Ethereum speech.