Whales Boost Chainlink Price Action Amid Institutional Absence

Chainlink's price has been stagnant over the past week, with its market cap hovering around $6.25 billion and daily trading activity at $215 million.

The volume-to-market-cap ratio is a relatively healthy 3.36%, indicating normal trading activity and fair liquidity.

However, despite this, institutional capital remains sidelined, raising questions about the sustainability of Chainlink's price action without it.

Whales have been accumulating LINK tokens in large quantities, with one recent purchase totaling $1.37 million worth of LINK from Coinbase.

This whale now holds over 2.4 million LINK, while another has accumulated 266,414 LINK worth around $2.15 million in a Gnosis Safe multisig wallet, indicating long-term conviction.