Oracle service provider Chainlink (LINK) has been in the news lately with a strong rally over the last month. After hitting a high of $8.13 on October 1, the LINK price has seen some downward price action.
As of press time, the Chainlink price is trading 3.52% up at $7.60 with a market cap of $4.2 billion. However, despite the recent downside volatility, the Chainlink price still trades above its macro trendline. There’s a possibility that the LINK price could come to retest the macro trendline and bounce back thereafter.
Don’t let the recent downside volatility distract you from the fact that Chainlink has broken its Macro Downtrend
— Rekt Capital (@rektcapital) October 15, 2023
Chainlink Whale and Institutional Transactions
As per the on-chain data, Chainlink (LINK) has piqued the interest of institutional investors on October 13. On that specific date, over 20 million LINK transactions, valued at more than $50 million transacted LINK, noted on-chain analyst and trader Ali Martinez.
#Chainlink | The total volume of transactions by $LINK whales and institutional players is increasing significantly. These large players transacted over 20 million #LINK yesterday, valued at nearly $150 million. pic.twitter.com/3Ky0dhXkCf
— Ali (@ali_charts) October 14, 2023
Such large transactions often indicate a surge in speculation surrounding a cryptocurrency. Nevertheless, it’s important to note that such increases in activity do not necessarily guarantee an immediate rise in the asset’s value.
Chainlink- The Safest Bet?
In the realm of real-world asset (RWA) tokenization, there’s a growing momentum in the crypto space, and according to a report by research firm K33 Research, Chainlink’s native token (LINK) could be the “safest choice” for investors looking to capitalize on this trend.
K33 analyst David Zimmerman stated, “If we wish to have exposure to the RWA narrative and avoid being sidelined when it takes off, LINK is the safest bet.” He highlighted that global banks and cryptocurrency platforms are already taking steps to leverage tokenization, and Chainlink has established itself as a crucial piece of infrastructure for connecting blockchains with the real world through its network of oracles and extensive partnerships. He added, “It may not be the most significant gainer, but there are few projects better positioned to benefit from this narrative.”
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.