As the broader cryptocurrency market has entered a consolidation, Chainlink (LINK) is emerging as the outperformance with a 20% gain over the last 24 hours. At the time of writing, LINK is trading at $8.27 with a market cap of $4.45 billion.
Chainlink is not known for big price increases but currently it is experiencing strong momentum with positive growth in several aspects. In the last 24 hours, LINK’s trading volumes have increased by more than 787%. As a result, the Chainlink (LINK) price has risen to a 3-month high. On-chain data provider Santiment reported:
Chainlink is the #3 trending topic in #crypto after an impressive +20% day, returning to the highest price ($8.34) in 3 months. Thursday had $347.72 million in $LINK on-chain volume, the largest by 2023. #FOMO could be the only obstacle keeping it from $10.
Courtesy: Santiment
Chainlink whale accumulation
Over a long period of time, the Chainlink (LINK) price has largely consolidated in the $6-$8 range, which has also served as the accumulation zone for investors. Now, the recent surge in trading volumes points to increased interest from traders and market participants.
In addition to increasing trading volumes, there has also been an increase in the number of whale transactions involving LINK. Whales, being large scale holders, play a vital role in the cryptocurrency market. In addition, the balances of high net worth LINK holders have also grown.
Courtesy: Santiment
On-chain data provider Santiment reports that this could indicate that these large holders are quietly accumulating LINK while the price remains stable.
The market trends for LINK represent an intriguing situation. While there is no significant price movement, there are clear signs of increasing trading volume, increased whale trades and accumulation by major holders. So while LINK may appear to be stagnant, there is actually more activity going on beneath the surface.
Currently, there is a lot of activity in the Chainlink ecosystem, making LINK a favorite among market investors. The protocol plays a vital role as a leading oracle service provider for blockchain systems and has strategically grown its ecosystem through the Chainlink BUILD program.
Bhushan is a FinTech enthusiast and has a good flair for understanding financial markets. His interest in economics and finance draws his attention to the new emerging Blockchain Technology and Cryptocurrency markets. He is constantly in a learning process and keeps himself motivated by sharing his acquired knowledge. In his spare time he reads thriller fiction novels and sometimes explores his culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post Chainlink Price Blasts Past $8 As Whale Accumulation Continues
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