Pope Chainlink Borong Worth IDR 1.2 Trillion Amid Recovery

Pope Chainlink (LINK) borong worth IDR 1.2 trillion in the middle of recovery (Photo; Doc. U.Today)

JAKARTA - After experiencing a tough week of updates from Mt. Gox and German government's Bitcoin sales, the crypto market has finally caught a bit of fresh air. One of the cryptocurrencies showing signs of recovery is Chainlink (LINK), which rose more than 4% in the last 24 hours after facing strong bearish pressure.

According to Crypto Potato, popular crypto analyst Ali Martinez, whales have accumulated more than 6.2 million LINKs in the past week, equivalent to 76.88 million US Dollars. This accumulation shows confidence among major holders even though these crypto assets lost nearly 10% during the week amid a broader market decline.

Several factors support the bullish prospect for Chainlink. One expert believes that the on-chain metric shows a potential price recovery of 10%.

One of the main observations is that LINK's supply on the exchange has fallen nearly 3% in the last two weeks. Supply reductions on this trading platform typically reduce selling pressures, creating opportunities for recovery.

Meanwhile, the 30-day Market Value to Realized Value (MVRV) ratio is at -9.34%. Historically, this ratio is considered a crucial zone for price reversal. The negative MVRV ratio often indicates that the asset is undervalued, which increases the possibility of rebounds as market sentiment changes.

Another significant metric is the losses realized by traders, which amounted to more than 47 million US Dollars (approximately IDR 764 billion) from June 24 to July 8. Interestingly, this kind of trend often shows capitulation, which usually precedes recovery.

Technical analysis also provides an optimistic signal for LINK. The level of 13.84 US Dollars (approximately IDR 225,246) is aligned with the 23.6% Fibonacci retracement from the recent peak of assets in March to the lowest in July. If LINK manages to climb back to this level, strong recovery could occur.

With various metrics and supporting technical signals, Chainlink has shown great potential to bounce back from recent market pressure. This provides new hope for investors waiting for the overall recovery of the crypto market.