Cheeky Crypto’s Nick explores the world of ChainLink (LINK), delving into on-chain data and metrics to uncover its potential future.
In a recent video, Cheeky Crypto’s Nick welcomes viewers to an in-depth analysis of ChainLink, emphasizing the importance of on-chain data and metrics in understanding its trajectory. He begins by highlighting ChainLink’s all-time high price of $52.70 on May 10, 2021, and its current price, which is down by 86.2% from its peak.
Nick discusses the challenges of calculating circulating supply due to staking and DeFi, noting that the realized market cap indicates a 50% loss for ChainLink investors. He points out the significant increase in wallets holding over 1 million LINK, suggesting that ChainLink is in an accumulation phase with potential for the next bullish market.
Analyzing the distribution of ChainLink supply, Nick highlights the accumulation in wallets with 100,000 or more LINK. The top 10% of addresses hold 982 million LINK, indicating a centralized distribution. He cautions smaller retail investors about potential liquidation by large holders and recommends dollar-cost averaging.
Nick expects ChainLink’s price to see further downside, predicting a potential range of $4 to $170. He reiterates the importance of dollar-cost averaging for those looking to accumulate ChainLink.
Nick concludes by emphasizing that he is not a financial advisor and that his insights are based on his opinions and data analysis. He thanks viewers for watching and suggests consulting a financial advisor for personalized advice.
