- Chainlink’s whale activity surged to hit a 3-month high
- LINK’s price appreciated by 28.16% over the past month
As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I find myself intrigued by Chainlink’s (LINK) recent performance. Over the past month, I’ve witnessed LINK surge by an impressive 28.16%, breaking free from the pack of altcoins and even managing to breach the $13.65 resistance level for the first time since July.
For approximately one month now, the price of Chainlink’s [LINK] has experienced a consistent upward movement. Notably, following a local dip to $10, this cryptocurrency has seen substantial growth in its value as depicted on its price graphs.
During that span, LINK distinguished itself from other market altcoins by operating independently rather than in tandem with them. This independent behavior allowed it to surpass other altcoins and reach a new milestone: breaking the $13.65 resistance level for the first time since July.
As Bitcoin hit a record high of $76k, Chainlink also saw an increase, with the value of one LINK rising relative to Bitcoin. In just the past hour, the rate at which Bitcoin can be exchanged for LINK has decreased by 0.46%. Over the last day, this exchange rate has dropped by a larger margin of 4.61%.
To put it clearly, Link (LINK) has been displaying increased demand or superior price growth relative to Bitcoin in recent times. At the moment of this report, the correlation between Chainlink and Bitcoin over a three-month period was 0.72, suggesting that both cryptocurrencies have generally moved in tandem during this time frame.
Given the increasing dominance of LINK over other cryptocurrencies and Bitcoin, it’s intriguing to consider what factors might be contributing to this pattern.
Chainlink whale activity hits a 3-month high
Based on data from Santiment, the significant increase in whale-related whale activities and substantial accumulation by large holders have been key factors fueling LINK’s recent price surges. In essence, the primary catalyst for the altcoin’s current momentum can be attributed to a rise in whale activity.
Based on information from Santiment, it appears that significant investors holding between 100,000 and 10 million LINK tokens have been increasing their holdings. In just the past seven weeks, these large investors (often referred to as “whales”) have amassed a total of approximately $369.8 million in LINK.
This increase equates to a 8.2% growth in whale ownership, currently reaching its highest point over the past three months. Typically, when whales amass assets, it suggests that investors are optimistic about the asset’s future potential and expect further price increases.
This is further evidenced by a surge in large holders inflows.
Based on data from IntoTheBlock, there was an increase in the number of large token holders of LINK. Their holdings rose from approximately 1.49 million to 2.29 million tokens, suggesting that these large holders have been actively buying up the altcoin, likely anticipating a continued rise in its value on price charts.
Moreover, the number of active addresses over a 30-day period increased from 41,100 to 45,100, indicating continuous interest and involvement in the altcoin. These factors are crucial for triggering a price surge.
Impact on LINK’s price action?
Just as anticipated, the surge in whale involvement, particularly buying, significantly influenced the graphs of the altcoin’s price.
Right now, as I’m typing this, Chainlink is being exchanged at $13.66. In the last day, this price represents a 6.86% increase. On the daily chart, the altcoin has risen by 21.07%. If we look at the weekly and monthly charts, the coin has seen a significant surge of 28.16% over the past week and an impressive 28.16% over the last month.
The recent trend in its price indicates a robust increase and optimistic outlook, which means that Chainlink (LINK) may reach $15 for the first time since July if current market circumstances persist. If it breaks through this point, LINK is expected to head towards the resistance level of $19.
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2024-11-09 15:03