Crypto News- Santiment’s recent analysis sheds light on the impressive five-week surge of Chainlink. As of the time of this report, Chainlink (LINK) was trading at $7.47, reflecting a substantial 30% increase over the past five weeks. This remarkable upswing can be attributed in part to the significant accumulation of LINK tokens by both shark and whale addresses during this period. Notably, Chainlink’s major stakeholders now boast a token-holding position that hasn’t been seen in six years, with savvy traders capitalizing on this bullish trend.
Factors Fueling Chainlink Rally: A 30% Surge in Five Weeks
Within the last week alone, wallets holding between 100,000 to one million LINK tokens aggressively acquired a whopping 5.12 million tokens, equivalent to a substantial $38.5 million in monetary value. In contrast, retail traders have been taking advantage of the current market sentiment by selling their coins at a modest profit, potentially in anticipation of an awaited price peak. Santiment emphasizes the significance of these whale movements over the actions of small retail traders taking profits.
The bullish trend for LINK initiated on September 11, rebounding from its lows at $5.95 and eventually reaching impressive highs of $7.95 by September 30.
In another exciting development, global messaging giant SWIFT announced a successful blockchain experiment in partnership with Chainlink in September, further instilling confidence in the future of LINK. Additionally, the Depository Trust & Clearing Corporation, the world’s largest securities settlement system, made public its exploration of Chainlink CCIP, aiming to enhance tokenized asset interoperability. These factors played a pivotal role in contributing to Chainlink’s positive performance throughout September.
Despite experiencing some declines during October, the bullish momentum for Chainlink persists, with on-chain data indicating an uptick in whale activity and a notable increase in the number of active addresses.
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