The LINK price has recently shown signs of intensifying its bullish momentum, bouncing back after a period of sluggishness. Despite the temporary dip, Chainlink has managed to maintain most of its profits and stay above the $14 level in recent weeks. The cryptocurrency’s latest surge, surpassing the $16 mark for the second time in less than a month, has sparked curiosity regarding the driving forces behind this upward movement.
According to Santiment, a leading crypto analytics firm, data reveals that Chainlink’s richest wallets, also known as whales, have been actively purchasing significant amounts of LINK tokens in the past few days. These large-scale token acquisitions by whales amount to approximately 3.9 million tokens, valued at over $62 million, in the span of three days. This recent on-chain revelation sheds light on the catalyst behind LINK’s price jump to $16.
Santiment’s data further highlights a prevailing accumulation trend amongst Chainlink whales. Over the course of around five weeks, the top 200 wallets have amassed more than $50 million worth of LINK tokens. Currently, these 200 largest Chainlink addresses collectively hold an astonishing 746.57 million tokens, equivalent to a massive $11.84 billion. This accumulation trend signifies the confidence of large-scale investors in LINK’s potential for price growth.
The current accumulation trend by whales serves as a positive indicator for LINK’s price trajectory. The steady faith displayed by significant investors in the asset further reinforces expectations of future price appreciation. As of now, the LINK token is valued at $16.11, reflecting a nearly 2% increase in the last 24 hours. Over the past week, the cryptocurrency has seen a surge of more than 7.5%. These recent price movements, coupled with a market capitalization growth of over 143% in the last five months, highlight Chainlink’s remarkable performance.
Despite Bitcoin’s own positive run, with its recent breakthrough above $39,000 for the first time in over a year, Chainlink has managed to hold its ground. According to Santiment’s data, LINK has outperformed Bitcoin in terms of market capitalization growth by over 93% during the past five months. While Bitcoin remains the dominant cryptocurrency with a market cap of $772 billion, Chainlink solidifies its position as the 12th-largest asset with a market capitalization of $9 billion.
The recent surge in LINK’s price can be attributed to the active token purchases made by Chainlink whales, who continue to accumulate substantial amounts of tokens. This accumulation trend, along with LINK’s impressive performance against Bitcoin, reflects the trust and confidence placed in the asset by large-scale investors. As Chainlink maintains its bullish momentum, it demonstrates its resilience and potential for further growth in the coming months.