While the broader cryptocurrency market has entered a consolidation, Chainlink (LINK) emerges as the outperformed with 20% gains in the last 24 hours. As of press time, LINK is trading at $8.27 with a market cap of $4.45 billion.
Chainlink isn’t known for its big price gains, however currently, it’s experiencing strong momentum with positive growth in various aspects. In the last 24 hours, the LINK trading volumes have surged by over 787%. As a result, the Chainlink (LINK) price has jumped to its 3-month high. On-chain data provider Santiment reported:
Chainlink is the #3 trending topic in #crypto after an impressive +20% day, returning to its highest price ($8.34) in 3 months. Thursday had $347.72M in $LINK on-chain volume, the largest of 2023. #FOMO could be the only obstacle holding it from $10.
Chainlink Whale Accumulation
For a long period of time, the Chainlink (LINK) price has largely consolidated in the range of $6-$8, which has also served as the accumulation zone for investors. Now, the recent surge in trading volumes hints at the increased interest among traders and market participants.
In addition to the increasing trading volumes, there is also a rise in the number of whale transactions involving LINK. Whales, who are large-scale holders, play a crucial role in the cryptocurrency market. Furthermore, the balances of wealthy LINK holders have also been growing.
On-chain data provider Santiment reports that this could indicate that these major holders are quietly accumulating LINK while the price remains stable.
The market trends for LINK present an intriguing situation. Even though there is no significant price movement, there are noticeable signs of rising trading volume, increased whale transactions, and accumulation by major holders. So, while it may appear that LINK is stagnant, there is actually increased activity happening beneath the surface.
Currently, there’s a lot of activity in the Chainlink ecosystem, making LINK a favorite among market investors. The protocol plays a critical role as the leading oracle service provider for blockchain systems and has been strategically growing its ecosystem through the Chainlink BUILD program.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
