- Chainlink (LINK) and Maker (MKR) are stirring up investor interest as fresh wallets have started to accumulate LINK and MKR in hopes of a price uptick.
- LINK was up by 12% in the last 24 hours, but a few market indicators were bearish.
- MKR’s market indicators looked bullish, as they suggested a price rise.
As we enter the concluding days of 2023, several tokens, such as Chainlink [LINK] and Maker [MKR], are witnessing newfound interest, as several new wallets started to accumulate those tokens.
Whenever accumulation rises, it increases the possibility of a price uptick. Therefore, considering the latest interest from investors, are LINK and MKR on the brink of a new rally?
See Also: Bitcoin SV (BSV) Price Soars 63% In 24 hours, Hits YTD High
Buying Pressure On Chainlink And Maker Rises
On the 27th of December, Lookonchain recently posted a tweet, which highlighted that fresh wallets have started to accumulate LINK and MKR.
Notably, whale wallet 0xE68E withdrew 3,150 MKR worth more than $4.5 million, while another wallet withdrew 136,146 MKR worth over $2 million.
Fresh whale wallets are accumulating $MKR and $LINK today.
0xE68E withdrew 3,150 $MKR($4.55M) from #Binance in the past 20 minutes.https://t.co/LRuLN0j4Ia
0x8eAD withdrew 136,146 $LINK($2.05M) from #Binance 10 minutes ago and has withdrawn 384,006 $LINK ($5.79M) from #Binance… pic.twitter.com/fjCp1lo0Nx
— Lookonchain (@lookonchain) December 27, 2023
Therefore, to better understand whether investors at large were buying these tokens, let’s take a look at Santiment’s data. As per our analysis, LINK’s Supply on Exchanges registered a drop while its Supply outside of Exchanges increased.
Surprisingly, despite a hike in buying pressure, Chainlink’s supply held by the top addresses remained flat.
![](http://bitcoinworld.co.in/wp-content/uploads/Chainlink-Buying-Pressure-720x244.png)
A similar trend was visible on Maker’s graph. An analysis revealed that MKR’s Supply on Exchanges registered a massive drop on the 27th of December while its Supply outside of Exchanges surged considerably.
This meant that investors were actively buying MKR at press time.
![](http://bitcoinworld.co.in/wp-content/uploads/Maker-Buying-Pressure-720x244.png)
Additionally, whales’ confidence in the token also increased, which was evident from the rise in its supply held by top addresses. However, the graph registered a decline soon after that.
See Also: How To Prevent Transaction Fees From Eating Into Your Crypto Trading Profits
Will The Coins Have A Positive Impact?
To better understand whether the hike in buying pressure would have any positive impact on both tokens’ price actions, let’s take a look at their daily charts.
Our analysis found that Chainlink’s MACD displayed a bullish crossover. Additionally, its Bollinger Bands also hinted that LINK’s price was entering a comparatively volatile zone, which looked bullish.
However, its Relative Strength Index (RSI) and Chaikin Money Flow (CMF) registered downticks, implying that a price drop is on the cards. In the last 24 hours, LINK was up over 12% and, at press time, was trading at $15.95.
![](http://bitcoinworld.co.in/wp-content/uploads/Chainlink-Price-Chart-4-483x300.png)
Like LINK, MKR’s MACD also displayed a clear bullish upper hand in the market, and its Bollinger Bands also looked optimistic. MKR’s CMF and RSI also went northwards, increasing the chances of a price uptick.
According to Coinstats, MKR was up by 2% in the last 24 hours. At the time of writing, it was trading at $1,547 with a market cap of over $1.4 billion.
![](http://bitcoinworld.co.in/wp-content/uploads/Maker-Price-Chart-483x300.png)
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.