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Chainlink (LINK) Forms Bullish Pattern That Led To 50% Rally On Average

On-chain data shows that a Chainlink indicator is currently forming a pattern that has led to an average 50% increase for LINK in the past.

Chainlink 30-Day MVRV Ratio Has Plunged

In a new post on X, analyst Ali discussed the latest trend in Chainlink’s 30-day MVRV ratio. The “Market Value to Realized Value (MVRV) ratio” is a popular on-chain indicator that tracks the ratio between LINK’s market cap and realized cap.

The market cap naturally refers to the total valuation of the asset’s circulating supply at the current spot price. In contrast, the realized cap is a different type of capitalization model that calculates the total value of the cryptocurrency by instead taking the price at which each coin in circulation last moved on the network as its “true” value.

Since the last transaction of any coin was probably the last time it changed hands, the price at its time would signify its current cost basis. As such, the realized cap sums up the cost basis of every coin in circulation.

In this view, the realized cap would be nothing but a measure of the total capital the investors have used to purchase the asset. In contrast, the market cap represents the value that they are holding right now.

The MVRV ratio compares these two models, and its value can provide hints about whether the overall market holds more or less than it puts into Chainlink.

In the context of the current topic, the 30-day version of this indicator is of focus, which restricts itself to only the investors who bought within the past month. Here is the chart shared by the analyst that shows the trend in this LINK indicator over the past couple of years:

Chainlink MVRV Ratio

As displayed in the above graph, the Chainlink 30-day MVRV ratio has recently taken a sharp plunge and dipped under the 0% mark. The 0% mark is where the market cap and realized cap are exactly equal, so below it, the latter would be greater than the former.

When this is the case, the investors are carrying losses. This recent plunge into the negative has naturally come for the metric as the cryptocurrency’s price has plummeted, putting the 30-day buyers underwater.

In the chart, Ali has highlighted a specific pattern that Chainlink appears to have followed regarding this indicator, plunging deep into the negative territory. “Each time Chainlink MVRV 30-Day Ratio has dropped below -12.24% since August 2022, it’s signaled a prime buying opportunity, averaging 50% returns!” notes the analyst.

Recently, the indicator has declined towards 17.54%, meaning it’s below this level, which has historically led to profitable buying windows for the coin. It remains to be seen whether the pattern followed in the last two years will hold this time as well.

LINK Price

The past week has been terrible for Chainlink investors. The asset’s price has plunged by more than 23%, coming down to just $13.3 now.

Chainlink Price Chart

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Chainlink Facing Strong Rejection From Profit-Taking, Will CCIP Recharge Demand?

One analyst on X notes that Chainlink is facing a tug-of-war between bullish momentum and strong upside resistance from profit-taking traders. For bulls to add to their longs and extend the uptrend, the existing oversupply must be moped, paving the way for more gains above immediate liquidation levels. 

LINK profit taking | Source: Analyst on X

Profit Taking Slowing Down LINK Bulls

Looking at the LINK price action in the daily chart, it is clear that buyers have the upper hand. Bulls have been relentless since the token bottomed out in September 2023. 

Since then, LINK has doubled, even breaking above the psychological round number at $20. At press time, buyers are still in control, snapping back to trend despite the market-wide cool-off after Bitcoin crashed last week. 

Chainlink prices trending upward on the daily chart | Source: LINKUSDT on Binance, TradingView

LINK is within a broader range, with clear caps at around $17.9 on the lower end and $21.7 on the upper end. After protracted expansion from September, the emergence of a ranging market could suggest that traders are exiting their positions, slowing down the uptrend.

This has been confirmed by on-chain data that the analyst tagged, explaining the recent slowdown. Indeed, on-chain data suggests investors have been cashing in on the recent expansion.

As a result, the excess supply needs to be absorbed by the market before LINK Bulls builds enough momentum to drive the coin to new 2024 highs above $21.8.

 Chainlink CCIP Adoption To Recharge Demand?

Despite the short-term headwinds, Chainlink bulls are banking on the widespread adoption of the Chainlink Cross-Chain Interoperability Protocol (CCIP) as a demand catalyst. CCIP is critical for blockchain interoperability. The solution allows secure communication between smart contracts of linked blockchains and external data sources.

CCIP has been adopted by, among others, Metis, a layer-2 scaling solution for Ethereum. Circle, the issuer of USDC, a stablecoin, is also leveraging the platform to enhance interoperability.

Recent data shows a surge in CCIP revenue, pointing towards increased adoption of this multichain bridging platform. As of March 26, Dune Analytics data shows that the CCIP has generated over $484,000 in revenue. This figure will likely increase as CCIP finds adoption and Chainlink integrates with even more protocols, businesses, and blockchains. 

CCIP revenue | Source: Dune Analytics

Still, the pace at which LINK breaks above March highs and registers fresh 2024 highs will also demand the performance of other coins, including Bitcoin and Ethereum. A resurgent BTC could draw more capital, lifting altcoins, including LINK, in the process.

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Chainlink Open Interest Sitting At Record Levels, What This Means For Price

Chainlink has seen its open interest spike significantly in the month of February, so much so that it has reached new all-time highs. This trend has not waned despite the decline in the price of the cryptocurrency, which could paint a rather bullish picture for the LINK price going forward.

Chainlink Open Interest Crosses $450 Million

The Chainlink open interest ended the month of January on a high note and carried this trend into the month of February. A major jump was seen between January 31 and February 3 when the open interest went from below $250 million to more than $320 million.

In the days following this, the open interest continued to rise, and eventually hit a peak of $533 million. This was significant because it was not just the highest point for the year but it is the highest that the open interest has ever been for the asset.

Chainlink Open interest

As expected, the price would quickly rise to keep up with the open interest as investors continued to place their bets on the price. There has been a retracement in the open interest. However, Chainlink has continued to maintain more than $450 million in open interest since February 12.

Currently, Coinglass data shows that the Chainlink open interest is $456 million as of February 23, continuing to maintain a high level. Given this, it might be prudent to look at how the LINK price has reacted in the past when open interest remained elevated.

Historical Performance Of The LINK Price

While the Chainlink open interest is at record levels, there have been times in the past where the open interest had been elevated for a period of time like it is now. So, how the price reacted during those periods could provide a pointer for how it might perform now.

The last time that the open interest was this elevated for a long period of time was back in October-November 2023 when open interest more than doubled. It would maintain this elevated level for almost a month, but at the end of it, the LINK price would react positively and saw a price surge from $11 to $15, which was a 36% increase in price.

If this scenario were to repeat now, then a 36% increase would send the LINK price to $24. This is not particularly hard to believe, given that the LINK price had topped out at $52 in the last bull market. So, such a move would still leave it 50% below its all-time high levels.

On the flip side of this, the open interest levels could also taper off, as was seen in November 2023. This could see the LINK open interest lose its hold on the $450 million that it maintained in February and fall toward $400 million before recovering again.

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Chainlink Bulls Brace For Explosive Growth Following $216 Million Whale Accumulation

Chainlink (LINK), the oracle network powering smart contracts across the crypto landscape, is making waves with a recent surge in whale activity. Data reveals $216 million worth of LINK tokens withdrawn from the Binance exchange by a staggering 83 separate wallets, sending the token price on a parabolic trajectory.

Whales On A Feeding Frenzy

On-chain analytics platform Lookonchain paints a fascinating picture of the ongoing accumulation binge. Their findings suggest a coordinated effort, with distinct wallets withdrawing massive amounts of LINK. While the possibility of a single entity pulling the strings remains unconfirmed, the sheer volume of tokens amassed hints at a major shift in institutional participation within the Chainlink ecosystem.

This coordinated accumulation, especially the withdrawal of such a significant sum from a major exchange like Binance, raises intriguing questions, some analysts say. It could reflect growing institutional confidence in Chainlink’s long-term potential, particularly with initiatives like the Cross-Chain Interoperability Protocol (CCIP) expanding its reach.

Adding fuel to the fire, IntoTheBlock data reveals an additional $129 million stacked up by whales over the past 24 hours alone. This relentless buying pressure has translated directly to price action, with LINK experiencing a meteoric rise of 6% in the past week and a staggering 20% in the past month.

Chainlink Fundamentals Shine

While whale activity often grabs headlines, Chainlink’s underlying fundamentals paint an equally compelling picture. As the leading oracle provider in the Web3 space, Chainlink acts as a bridge between smart contracts and real-world data, enabling them to access secure and reliable information off-chain. This critical role fuels countless DeFi projects, positioning Chainlink as a cornerstone of the burgeoning decentralized finance landscape.

Moreover, Chainlink boasts a relentless development team, consistently rolling out new features and upgrades. Notably, the recent introduction of CCIP further enhances the network’s cross-chain compatibility, opening doors to a wider range of smart contract applications. This unwavering commitment to innovation further strengthens the investor case for Chainlink.

Parabolic Dreams: Will LINK Take Flight?

With bullish sentiment surging and whales circling, the question on everyone’s lips is: can LINK sustain its upward trajectory? While predicting the future of any crypto asset remains a perilous endeavor, analysts are cautiously optimistic. The confluence of strong fundamentals, whale accumulation, and a growing user base creates a fertile ground for further price appreciation.

Analysts said the ongoing accumulation by whales, coupled with Chainlink’s solid fundamentals, suggests a potential parabolic run. However, caution is warranted. The crypto market remains volatile, and profit-taking could trigger corrections. Nevertheless, LINK’s long-term prospects appear bright, making it an asset worth watching closely.”

Whether LINK’s price soars to parabolic heights or faces turbulence in the near future, one thing remains clear: the recent whale activity and unwavering developer commitment have thrust Chainlink back into the spotlight, solidifying its position as a key player in the ever-evolving blockchain landscape.

Featured image from Adobe Stock, chart from TradingView

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Chainlink Appetite: Whale Scoops Up $84 Million Worth Of LINK, And Counting – Details

The cryptocurrency market has been abuzz with excitement as a mysterious Chainlink (LINK) whale embarks on a remarkable shopping spree, accumulating an astonishing volume of LINK tokens. Recent data from Lookonchain reveals that this enigmatic whale wallet has acquired more than 4.5 million LINK tokens over the course of just three days. Based on the current LINK price, this accumulation is valued at a staggering $84 million.

Chainlink Whales Surge, Holders Optimistic

This relentless accumulation activity by the Chainlink whale has captured the attention of analysts and investors, generating anticipation for a potential future surge in the LINK price. The market is rife with speculation as traders eagerly await the outcome of this significant accumulation.

But it’s not just the whale that is showing interest in Chainlink. Santiment’s data indicates a noteworthy increase in the total number of Chainlink holders. Over the past few months, the count of LINK holders has grown by approximately 9,000, reaching a substantial total of 717,000 holders. This surge in holders further fuels the growing optimism surrounding Chainlink’s future prospects.

Adding to the intrigue, Chainlink holders are actively withdrawing their LINK holdings from exchanges. A closer look at the supply on exchanges reveals a recent trend where holders are moving their LINK away from these platforms. Currently, the supply on exchanges represents only about 21.5% of the total supply, indicating a strong belief among holders that a potential future price rally is on the horizon.

Despite experiencing some fluctuations in recent days, the overall price trend for Chainlink remains robust. On the daily timeframe, the LINK price has been oscillating within the $18 price range for several days following a surge into this range on February 1st.

Chainlink Price: Bullish Momentum

As of now, the price sits at around $20.40, reflecting a 12% and 16% increase in the last 24 hours and seven days, with a Relative Strength Index (RSI) remaining above 60, indicating a resilient bullish trend.

These developments within the Chainlink ecosystem have created an atmosphere of eager anticipation among investors and enthusiasts. The whale’s accumulation, the growth in LINK holders, and the withdrawal of LINK from exchanges all contribute to the mounting excitement surrounding a potential future surge in price.

Meanwhile, LINK’s positive funding rate signals a prevailing bullish sentiment, indicating a higher demand for long positions among traders. The simultaneous increase in LINK’s Open Interest further suggests that market participants are leveraging their positions to go long.

This confluence of factors reflects a collective confidence in LINK’s upward potential, with traders expressing optimism through both funding decisions and larger leveraged positions, potentially fueling continued bullish momentum in the market.

Featured image from Adobe Stock, chart from TradingView

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Chainlink Breeds New Whales As $49.9 Million Accumulation Spree Cause Prices To Surge

Chainlink (LINK) has traders buzzing as its price has been up by 40% since the last week of January, massively outpacing the broader cryptocurrency market. Amidst this price spike, mysterious whale wallets have been topping up their holdings, as evidenced by on-chain data. 

According to blockchain tracker Lookonchain, there’s been a massive outflow of LINK from crypto exchange Binance in the past two days, particularly with 49 new wallets receiving 2,745,815 LINK within this timeframe. 

Massive LINK Accumulation Occurs On Binance Before Withdrawal

Details from Binance point to an ongoing accumulation of LINK from the crypto exchange. In the middle of this accumulation, a particular whale or institution has been going on a buying spree, gobbling up more than 2.7 million LINK tokens worth $49.9 million. This accumulation came days after the Lookonchain noticed that four new wallets had withdrawn over 119,583 LINK tokens worth over $2.15 million from Binance.

Similarly, Lookonchain noted that another whale address “0x2A19” has withdrawn 494,957 LINK tokens worth $9 million from Binance in the past 10 days. Notably, whale transaction tracker Whale Alerts has also noted some accumulation of LINK tokens from other crypto exchanges.

Analytics platform Santiment also noted that LINK whale addresses have upped their activity amidst the price surge as large amounts of coins were moved by previously stagnant wallets. This influx of tokens back into the network’s circulation, coupled with a minor liquidation of wallets, seems to have contributed to the price spike.

How Will New Chainlink Whales Impact Price Action Going Forward?

The crypto industry is currently going through a modest price gain led by Bitcoin recently breaking above the $44,000 level again. As a result, the industry is now up by 3.25% in the past 24 hours, with a 22.60% increase in trading volume. 

LINK hasn’t been left out of this price gain, registering a 4.30% gain in the past 24 hours. However, LINK has been on a sustained breakout since January, reaching as high as $19.68 on February 5. 

The price spike isn’t particularly surprising, as fundamentals of the Chainlink ecosystem point to a steady price growth for LINK. Chainlink’s role in DeFi and NFTs with its smart contracts oracles cannot be overstated. Chainlink also recently released its Staking v0.2 protocol in December, allowing investors to stake a minimum of 1 LINK for a base floor reward rate of 4.5% per year in LINK.

Consequently, the massive accumulation of LINK by whales is a very bullish signal for the token’s price action going forward. These large investors see LINK’s long-term value and potential and are loading up their bags in anticipation of higher prices.

LINK price chart from Tradingview.com (Chainlink whales)

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Chainlink Breakout: LINK Poised For 38% Rally If It Clears This Key Resistance

Decentralized oracle network Chainlink (LINK) has been making significant strides in the altcoin market, outperforming its peers with an impressive 44.8% price increase over the past 30 days. 

Surging to a 24-month high, the cryptocurrency has inched closer to the $20 mark, attracting the attention of bullish investors. Notably, the uptrend for LINK may be far from over, as it can potentially record a substantial 38% price gain by breaking through a critical resistance level.

Chainlink Trading Volume Skyrockets

Crypto analyst Ali Martinez indicates that Chainlink faces formidable resistance between its current trading price of $19.40 and $20.03, with 5,330 addresses collectively holding over 8.59 million LINK. 

Chainlink

Despite this supply wall, if Chainlink manages to break through, Ali Martinez suggests that the next critical resistance level stands at $26.87, presenting an opportunity for a significant 38% price surge.

Adding to the positive outlook, Chainlink has witnessed a surge in trading volume and an increase in circulating market cap over the past few days. 

Data from Token Terminal reveals that while Chainlink’s trading volume has steadily risen over the past 30 days, the token experienced exceptional trading volume of over $9.5 billion in the past three days alone. This surge in trading activity suggests a growing interest from investors in the Chainlink protocol.

Chainlink

Examining the circulating market cap, Token Terminal data highlights a positive trend. The circulating market cap of Chainlink stands at $10.53 billion, displaying a notable increase of 32.66% over the past 30 days. In terms of fully diluted market cap, Chainlink records $18.16 billion, indicating a substantial rise of 28.89% over the same period.

Institutional Interest In LINK?

Recent blockchain data suggests that institutional investors are actively accumulating LINK. According to Spot On Chain data, the emergence of eight wallets withdrawing a substantial amount of LINK tokens, coupled with a price surge shortly after, indicates institutional interest in the cryptocurrency. 

Over the past twelve hours, eight new wallets, likely representing a single individual or institution, have collectively withdrawn 227,350 LINK tokens, equivalent to approximately $4.12 million at the withdrawal time. 

Notably, a significant portion of these tokens was withdrawn from centralized exchanges (CEX) just before the price experienced a sudden increase of approximately 4.1%. This pattern suggests that institutions may strategically accumulate LINK tokens, anticipating future price appreciation.

Moreover, as indicated by its performance on the algorithmic market scanner Commando, LINK has consistently been a top performer in the cryptocurrency market. 

According to the market intelligence platform Decentrader, with a current score of 1.83 and a green signal on low time frames, Chainlink’s technical analysis suggests a positive outlook for the cryptocurrency. Noteworthy is the recent breakthrough of Chainlink’s price from a range held up by the 200-week moving average (200WMA). 

This breakout indicates a shift in market sentiment and a potential upward trend. The cryptocurrency is now aiming to target the “Sniper resistance” level just above $20 while finding support at the top of the previous range, around $16.8, according to Decentrader. 

Overall, institutions’ accumulation of Chainlink tokens and the cryptocurrency’s technical breakout point to growing confidence in LINK’s investment potential. 

The withdrawals from centralized exchanges suggest a desire to hold LINK tokens outside exchange custody, possibly indicating a longer-term investment strategy. 

Chainlink

Currently, LINK is trading at $19.7, up 8% in the last 24 hours.

Featured image from Shutterstock, chart from TradingView.com

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Institutions Go All In: Chainlink 30% Rally Makes It The Hot Investment Trend

In a notable shift away from Bitcoin, altcoins have garnered the attention of investors, leading to a slight increase in market caps, despite an overall decrease in trading volumes. Among the altcoins, Chainlink (LINK) has emerged as a standout performer, displaying impressive resilience and attracting substantial holders and institutions.

Chainlink Surges, Whales Accumulate Amid Market Shift

Chainlink, known as the leading Oracle network in the blockchain space, has not only outpaced the broader market but has also demonstrated impressive individual performance.

Over the last 24 hours, LINK has experienced a noteworthy surge, with a 6.1% increase in value and a striking 30% rise in the weekly chart. Currently ranked 11th among altcoins, LINK boasts a 24-hour trading volume of $3.31 billion and a market capitalization of $10.21 billion.

According to recent data from Lookonchain, a significant accumulation of LINK by a whale or institution has been observed, as evidenced by the withdrawal of 119,583 LINK (equivalent to $2.15 million) from Binance within the past hour. This strategic move indicates a growing confidence and interest in the long-term potential of the token.

Interestingly, as Bitcoin loses ground, LINK deviates from the prevailing market trend, indicating its unique position in the current market landscape. One major impetus behind the altcoin’s upward movement is the activation of previously dormant wallets that had remained inactive for an extended period.

This sudden resurgence has led to the highest age-consumed spike of 5.38 billion, calculated by multiplying the coins moved by the number of days those coins had been dormant.

The reintegration of LINK tokens into circulation is believed to have played a pivotal role in the recent surge in their price. However, market analysts remain cautious and are closely monitoring two crucial indicators in the upcoming weeks to assess the token’s potential for sustained growth.

Dormant Wallets And FUD Dynamics: LINK’s Monitoring

Keeping tabs on dormant wallets and seeing how they affect the network’s circulation as a whole is the primary goal of the first statistic. The activation of dormant wallets has proven to be a significant driver of LINK’s recent price increase, and its continued impact will be closely watched.

A second indicator that could cause wallet liquidations and have a further effect on the price of LINK is the existence of FUD dynamics, which stand for fear, uncertainty, and doubt.
Analysts emphasize the importance of vigilant observation and analysis to identify any signs of FUD and its potential effects on the altcoin market.

While Chainlink’s recent performance and accumulation by institutions have bolstered its value, experts caution that the sustainability of its price increase remains uncertain. Continued monitoring of the movements of previously inactive wallets and the potential impact of FUD will be crucial in determining the token’s trajectory in the coming weeks.

As the altcoin market continues to evolve, Chainlink stands out as a cryptocurrency that has captured the attention of investors and institutions alike. Its impressive performance, along with the activation of dormant wallets, has contributed to its surge in value.

However, market analysts stress the need for continued scrutiny and analysis to gauge the potential for sustained growth in this dynamic market environment.

Featured image from Adobe Stock, chart from TradingView

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Chainlink (LINK) Price Breaks Out Of Bullish Flag Pole, Here’s The Next Target

The Chainlink (LINK) price has been on an impressive rally over the last week that has brought its price to new yearly highs. As LINK bulls continue to hold firmly above the $18 support, the emergence of this bullish rally has continued to signal that the price surge is far from over.

Crypto Analyst Says Chainlink Bullish Flag Has Been Broken

In an analysis posted on the TradingView website, crypto analyst CobraVanguard explains why the Chainlink price is currently very bullish. According to the analyst, despite the altcoin showing very bullish signs, a lot of traders are failing to realize that this is the case.

They identified a flag pole that was created in the chart, and in this case, the flag for the LINK price was actually bullish. Even more interesting is the fact that the analyst revealed that the Chainlink price had successfully broken this flag, which they say is bullish for the price.

Chainklink price chart from Tradingview.com

“LINKUSDT is in a Bullish flag Patter,” the analyst said. “We can expect a bullish movement as much as the Measured Price movement (flag pole) to happen!” This further solidifies LINK’s entrance into its most bullish phase so far in 2024.

Another major factor that the analyst identifies for the LINK price at this level is that the price was testing the major supply zone at $18. At the time, the LINK price had not cleared this level. But at the time of writing, LINk has broken clean off this major supply zone and is now trending toward $19. “The Flag Is Broken,” the crypto analyst declared.

What Are The Targets For The LINK Price?

In the chart shared in the analysis, the crypto analyst identifies two major points of interest in the Chainlink chart and these are the Supply Zone and the Target Price. The first, which is the Supply Zone, is at $18.3, and the LINK price has already broken above this level.

Given this, the next major point of interest is the Target Price, and CobraVanguard puts this at the $27 price level. However, there is no straight shot toward this level as the analyst’s chart also shows a correction below the $13 support before rallying onto its target.

If this analysis holds over the coming days/weeks, then the LINK price could see a sharp 20% correction as the first sign. Then from there, a complete 100% move upward to bring the price to the $27 price target.

At the time of writing, LINK bulls continue to show dominance after a sharp 7% move in the last day. On the broader chart, the LINK price is up 27% in the last week, bringing its market cap to $10.9 billion.

LINK price chart from Tradingview.com (LINK Crypto analyst)

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Chainlink Price Stalls As $287 Million Worth Of LINK Makes Its Way To Binance

The price performance of Chainlink is one of the previous week’s biggest narratives, rivaling Bitcoin making its way above $43,000 again. According to data from CoinGecko, the altcoin recorded a significant 25% price increase in the last seven days.

However, the price of LINK seems to be slowing down, as it keeps struggling to hold above the $18 level. While expectations are that this sluggishness will blow over soon, the question still is – why is the Chainlink price stalling?

16 Million LINK Tokens Transferred To Binance

The latest on-chain revelation has offered insight into why the price of LINK is facing some form of bearish pressure. In a post on X, crypto analytics firm SpotOnChain disclosed that 19 million tokens (worth about $341 million) were recently unlocked from three of Chainlink’s non-circulating supply contracts.

In a more detailed breakdown, the on-chain analytics firm revealed that 15.95 million tokens (valued at $287 million) were moved to Binance, the world’s largest centralized exchange. Meanwhile, the remaining 3.05 million Chainlink (worth $54.3 million) were transferred to multi-sig wallet, 0xD50f.

According to SpotOnChain, this is not the first time transactions involving Chainlink’s wallets and of this caliber will happen. The analytics platform disclosed that Chainlink has been unlocking and transferring some of the unlocked tokens to Binance as far back as 2022.

On-chain data shows that Chainlink has unlocked a total of 106 million tokens, with 88.95 million LINK sent to Binance since August 2022. At an average price of $9.06, the entire worth of these transactions stands at $805 million.

SpotOnChain noted that the last two unlocks have been followed by a slight dip in LINK’s price. The last unlock saw the Chainlink token fall from almost $19 to $17.5 on Saturday, February 3.

As of this writing, the LINK token is valued at $17.86, reflecting a nearly 1.5% price jump in the past day.

Chainlink Records Multi-Month High In Transaction Volume

It appears that the price of LINK will not remain stagnant for very long, as the most recent on-chain data indicates that Chainlink has experienced a notable increase in network activity over the last few days. Positive network fundamentals could be all the altcoin needs to resume its bullish run.

According to Ali Martinez, the network recently witnessed a significant surge in transaction volume, bringing the metric to its highest in almost two years. Based on IntoTheBlock’s data, more than 72.24 million LINK tokens (equivalent to $1.3 billion) were transacted on Friday, February 4. 

Chainlink

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Chainlink Surges 12% To $18: Price Set To Retest $20 Next?

Chainlink has shot up over 12% to break $18 during the past day. A retest of the on-chain resistance wall at $20 could be next.

Chainlink Has Outperformed Market With Its 12% Rally

The past 24 hours have been green for most of the cryptocurrency sector, but the positive returns have been small for most of the market, with Bitcoin, the largest digital asset, only seeing profits of 1%.

Chainlink, however, has separated from the crowd during this period, rallying around 12%. The chart below shows how the coin has performed over the last few days.

Chainlink Price Chart

With this latest surge, Chainlink has surpassed the $18 level for the first time in almost two years. With profits of about 30% over the past week, LINK is by far the best-performing asset among the top 60 cryptocurrencies by market cap.

Speaking of the market cap list, LINK has now flipped Tron (TRX) to become the 11th largest asset in the sector following this recent strong performance. The table below shows where LINK stands among its peers in the sector right now.

Chainlink Market Cap

Dogecoin (DOGE) is the next coin above Chainlink now, and if the asset can continue its run, it should be able to flip the meme coin. While there is still some gap between their market caps, it isn’t too big.

Whether the coin can further this rally or not, perhaps on-chain data could provide some hints.

LINK Has Next Major On-Chain Resistance Wall Around $20

As explained by analyst Ali in a new post on X, LINK has significant on-chain resistance at $20. In on-chain analysis, the strength of a support/resistance level lies in the amount of BTC that the investors bought at it.

Below is a chart that shows the distribution of holder cost basis across the various LINK price ranges near the current price of the cryptocurrency.

Chainlink Resistance

When the analyst shared the chart, LINK was trading around $17.85, and the ranges until the $19.49 to $20.03 one weren’t too dense with investors. Chainlink has mowed through some of these weaker price levels since then, and the asset may continue to do so until it strikes the resistance wall around $20.

In total, 5,330 addresses bought 8.59 million LINK within this range. Generally, investors become more sensitive when the price retests their cost basis, so they may be prone to making some moves. For investors in loss like those inside this range, such a retest can mean an exit opportunity, as they might be desperate to get their money back.

This effect becomes more pronounced as investors share their cost basis inside the same range, so ranges with dense cost basis distribution can be a source of major resistance for the spot price.

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Chainlink Price Surge Powers Altcoin Market, Bulls Aim For $20 Target

Chainlink (LINK), the leading oracle network on the blockchain, has been on a tear, outperforming the broader market with a 30% gain in the past week. This surge has pushed LINK’s price to $17.82, solidifying its dominance among altcoins, as bulls set their sights on the vaunted $20 target.

Chainlink On-Chain Activity Hints At Renewed Investor Interest

Analysts point to several factors driving the rally. Santiment, an on-chain data provider, revealed a surge in activity from previously dormant wallets, suggesting renewed investor interest. This is reflected in the “Age Consumed” metric, which measures the total number of days coins have been dormant before being moved. For Chainlink, this metric hit a 5.38 billion spike – the highest ever recorded.

Whales Accumulating, But Liquidations Pose Minor Threat

Santiment’s data also indicated minor liquidations from some wallets, a phenomenon often associated with fear or uncertainty. While these liquidations could trigger short-term volatility, they might also present buying opportunities for savvy investors. Additionally, reports suggest whales accumulating LINK, further fueling bullish sentiment.

The rationale behind this perspective lies in the understanding that fear-induced sell-offs might create temporary price dips, allowing savvy investors to acquire assets at more favorable prices.

Moreover, recent reports have indicated a pattern of whales accumulating LINK, contributing to the overall bullish sentiment surrounding the cryptocurrency. Whale accumulation, where large holders increase their positions, is often interpreted as a sign of confidence in the asset’s future potential.

Technical Analysis Paints Bullish Picture

Crypto analyst Michael van de Poppe identified a “higher low” on the LINK/BTC trading pair, which he considers a bullish signal. He predicts a potential breakout, with LINK reaching $25-$30 in the near future, fueled by a broader altcoin market rally. Van de Poppe even envisions a 50-80% surge for the altcoin market, pushing its valuation to a staggering $1.25 trillion.

While Van de Poppe’s analysis sparks optimism, it’s crucial to remember that expert predictions are not guarantees. The cryptocurrency market remains inherently volatile, and past performance is not indicative of future results.

CFGI At ‘Neutral’ 

Meanwhile, LINK’s “Fear & Greed Index” is currently positioned at 40, indicating a state of neutrality in the market sentiment. This numerical assessment reflects a balance between fear and greed among investors and traders in the context of Chainlink’s performance.

A “Neutral” reading on the Fear & Greed Index implies that the market is not heavily skewed towards either extreme optimism or pessimism. In such a scenario, investors may exhibit a measured and cautious approach, avoiding impulsive decisions driven solely by emotions.

This equilibrium in sentiment suggests that participants are likely assessing the market conditions with a more rational and balanced perspective, considering various factors before making significant moves.

The “Fear & Greed Index” serves as a valuable tool for market participants to gauge the prevailing sentiment and potential market trends. In the case of Chainlink’s current reading at 40, it signifies a market environment where neither excessive fear nor greed is dominating decision-making.

Featured image from Adobe Stock, chart from TradingView

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Chainlink Gets Whale Backing: LINK Price Up 14% Amid Market Dip

In the midst of the recent turbulence within the cryptocurrency market, Chainlink (LINK) has emerged as a notable outlier, demonstrating resilience against the sweeping downturn that has left major altcoins crumbling.

Surprisingly, LINK has steadfastly clung to the $16 mark, showcasing a 14% rally in the last seven days and defying the prevailing market trends. However, investors are left to ponder whether this is a promising sign for Chainlink’s future or merely a momentary blip in the radar.

Massive Chainlink Whale Purchase

This positive signal coincides with a notable $8.9 million whale purchase, injecting a substantial dose of confidence into the market. Yet, beneath the surface, murmurs of a whale exodus are causing concern.

This purchase also dampens some worries especially following a recent selling spree by Chainlink investors, who offloaded a significant 2.3 million tokens since January 12th.

The positive signal also comes after recent concerns in the absence of a noteworthy uptick in fundamental growth metrics such as network usage. Without substantial real-world adoption, the coveted $20 price point for Chainlink might remain an elusive mirage.

Chainlink’s Strengths Persist Amid Market Uncertainty

Meanwhile, IntoTheBlock’s global in/out of the money (GIOM) chart uses the historical entry prices of the current LINK holders to highlight critical levels of support and resistance.

In the near term, investors may opt for short-covering maneuvers to prevent falling into a net-loss position, a strategy that could lead to the consolidation of Chainlink’s (LINK) price just below the $15 threshold in the upcoming days.

Conversely, bullish market participants could potentially counter this bearish scenario by successfully pushing the price beyond the $20 territory. However, a potential hurdle arises from the fact that over 94,000 holders have accumulated 51 million LINK at a minimum price of $18.8.

This sizable accumulation suggests the possibility of bears establishing a formidable sell-wall in that price range, potentially triggering a retreat in LINK’s value.

The interplay of these dynamics underscores the delicate balance between short-term tactical moves and broader market sentiment that currently characterizes the trajectory of Chainlink’s price.

Despite the prevailing turbulence, the core strengths of Chainlink should not be overlooked. Its established role as a leading oracle provider within the blockchain ecosystem remains undiminished.

If the broader crypto market stages a recovery and fundamental growth aligns, a resurgence for Chainlink is not out of the realm of possibility.

Featured image from Freepik

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Chainlink (LINK) Breakout: Accumulation Zone Points To Upside Potential, $20 In Sight

The decentralized Oracle network Chainlink and its native token LINK have grown impressively in the past month. Despite experiencing a correction since late December, where LINK reached a 20-month high of $17.6, the token has shown signs of renewed bullish momentum. 

Key Resistance Levels For LINK’s Price Rally

Renowned crypto analyst Ali Martinez has identified a robust demand zone for Chainlink between $14.8 and $15.2, slightly below its current trading price of $15.415. 

Within this range, many addresses (17,650) purchased 85.12 million LINK. With limited resistance, LINK appears to be well-positioned to advance towards the $20 mark.

Chainlink

Based on the analyst’s observations, if the current bullish momentum witnessed over the past seven days persists, LINK could swiftly reach the $20 price level. Looking at LINK’s 1-day chart, the next resistance levels to overcome before potentially climbing toward $20 are $15.55, $16.69, and $16.92. Breaching these levels would pave the way for a clear path towards the $20 milestone.

However, it is important to note that in the absence of major resistance walls, the battle for the next direction of LINK’s movements remains equally balanced. In the event of another price correction or selling pressure, the token lacks significant support walls to rely on.

Chainlink

Analyzing LINK’s 1-day chart, the first support level in the event of a drop would be around $14.22. If this level is breached, the next support stands at $13.31. A further decline could test the support at the $11 price level. A breach of this level could signify a breakdown in the four-month bullish structure of LINK.

Chainlink Ecosystem Growth

Despite the battle for supremacy between LINK’s bulls and bears, the protocol’s ecosystem has shown notable growth in key metrics since the last update. For example, Chainlink’s circulating market capitalization is $8.35 billion, reflecting a positive growth rate of 3.58%.

According to Token Terminal data, in terms of revenue over the past 30 days, Chainlink has generated $11.67 thousand. However, this figure shows a decline of 54.16% compared to the previous period, indicating a decrease in earnings during this timeframe.

Considering the fully diluted market capitalization, which considers the maximum number of Chainlink tokens that could exist in the future, the value stands at $14.82 billion. This metric has experienced a slight increase of 3.48% recently.

When it comes to revenue on an annual basis, Chainlink has generated $219.81 thousand. This represents a positive growth rate of 2.64%, indicating an upward trend in the company’s earnings over a year.

Regarding financial ratios, Chainlink’s price-to-fully-diluted ratio is calculated at an astonishing 68,246.47x. This metric compares the company’s market capitalization to its fully diluted market capitalization. It reflects the premium investors will pay for each unit of potential future tokens.

Similarly, based on the fully diluted market capitalization, the price-to-sales ratio is reported to be 68,246.47x. This ratio measures the company’s valuation relative to its annualized revenue and indicates how much investors will pay for each dollar of sales generated.

Featured image from Shutterstock, chart from TradingView.com 

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Chainlink Rises 17% – Is LINK On Course To Hit $20 This Week?

Traders in the crypto realm are watching Chainlink (LINK) with bated breath as the price coils up near the $16 mark, hinting at a possible break out towards $17, or even $20 given the right conditions this week.

Since November, LINK has been consolidating between $13.00 and $17.00, exhibiting classic market cycle behavior that presents prime opportunities for savvy traders.

Technical analysts are buzzing with potential bullish scenarios, with many pointing to the current price action as the telltale sign of an “accumulation phase.” As per the renowned Wyckoff method, this phase sees sellers exiting, prices stabilizing, and indecision ruling the market.

Will Chainlink Hit The Vaunted $20 Mark?

Following accumulation comes the much-anticipated “markup phase,” characterized by surging buying pressure, rapid price increases, and heightened activity.

And that’s precisely what the charts seem to be foreshadowing for LINK. Indicators like the Awesome Oscillator and MACD are flashing green and pushing towards bullish territory, suggesting growing confidence and impending upward momentum.

The Relative Strength Index (RSI) also leans north, potentially primed to cross its signal line and add fuel to the bullish fire.

Further bolstering the optimistic outlook are the Simple Moving Averages (SMAs). Both the 100- and 200-day SMAs are pointing north, with the latter currently nestled comfortably at $9.994. This upward trajectory indicates the path of least resistance lies in ascending territory for LINK.

Should buying pressure build steam above current levels, analysts predict a potential leapfrog over the 50-day SMA at $16.95, paving the way for a psychological $17 price point. In a highly bullish scenario, LINK could even tap into its full $20 potential, marking a 20% surge from its current position.

17% Rally Ignites More Optimism For LINK

But a fresh spark ignites the conversation – Chainlink just surged 17% today, propelling it closer to the long-held $17 barrier. Could this recent rally be the catalyst that sends LINK rocketing past its immediate target and into uncharted territory?

It’s still too early to definitively say. While the technical indicators remain encouraging, external factors and market sentiment can shift rapidly. However, one thing is certain: Chainlink’s latest surge adds another layer of intrigue to its already captivating price action.

Whether it coils upward for a glorious breakout or succumbs to profit-taking, the next few days promise to be a thrilling ride for LINK holders and a fascinating case study for technical analysis enthusiasts alike.

Featured image from iStock

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Chainlink Bullish Chart Pattern Hints At $34 Target – But Can It Break Through?

As the calendar turned to 2024, numerous cryptocurrencies experienced a positive start, and among them, Chainlink (LINK) stood out. The notable highlight was the emergence of a bullish pattern on Chainlink’s price chart, indicating a heightened likelihood of an impending bull rally.

This positive momentum in the early days of the year hinted at favorable market conditions for Chainlink and garnered attention from investors and analysts alike. The formation of this bullish pattern added an optimistic outlook to the prospects of Chainlink, creating anticipation for potential upward price movements in the near future.

Bullish Pennant Signals Potential Breakout For Chainlink

The Chainlink platform, which is compatible with Ethereum and well-known for enabling decentralized oracles, is currently trading above $15, data from Coingecko shows.

Ali Martinez, a popular crypto analyst, pointed out a bullish pennant pattern being formed on Chainlink’s chart.

The chart shows Chainlink’s price over the past few days. There is a bullish pennant pattern forming, which is a technical indicator that suggests a potential breakout to the upside.

The pennant is formed by two converging trend lines, one above and one below the price. The breakout occurs when the price breaks above the upper trend line.

Martinez has identified the resistance level at $17.2. If Chainlink’s price can close above this level, it could be a signal that a breakout is happening and that the price could rise to $34.

However, if the price falls below the support level at $14.2, it could be a signal that the bullish momentum is weakening and that the price could fall further.

Overall, the chart suggests that Chainlink is in a bullish position and that there is a possibility of a breakout to the upside. However, it is important to note that technical analysis is not always accurate, and there are many other factors that could affect Chainlink’s price.

Analysts’ LINK Predictions

Changelly cryptocurrency analysts have provided a price estimate for Chainlink for the next weekend. The analysts predict that this weekend, LINK will trade between a minimum of $16.28 and a maximum of $17.71. They anticipate that LINK will be valued at $17 on average.

Meanwhile, Lark Davis, another popular crypto analyst has a more fearless forecast for Chainlink. He said the coin will soon witness a significant surge and “shock the crypto world.”

Davis indicated that the Chainlink network had a promising future. He revealed that he had a sizeable portion of LINK, despite acknowledging the inherent dangers associated with cryptocurrency investing.

According to the analyst, Chainlink’s alliances and technology continue to undervalue it. The Grayscale Trust Trading at premiums exceeding 200% to the spot LINK price, Davis said, indicates that institutional investors are becoming more interested in LINK. The price projection for Chainlink indicates that it may increase to $126 in 2024.

Featured image from Shutterstock

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Dogecoin, Cardano, And Chainlink Get Special Listing From Binance

Binance is on the move once again with new special listings for Dogecoin, Cardano, and Chainlink, among others. The exchange has announced brand new crypto trading pairs for these cryptocurrencies which would bring advantages to traders.

Binance Adds New Dogecoin, Cardano, And Chainlink Pairs

In a new development that was revealed on Christmas Day, the Binance crypto exchange has expanded its list of pairs available for both Cross Margin and Isolated Margin users. The announcement revealed that it will be adding 11 new pairs across these two products.

The new pairs are mainly denominated in the FDUSD pair, a stablecoin that the exchange adopted after Paxos was ordered to stop issuing BUSD tokens. The new pairs in the Cross Margin feature include “ ADA/FDUSD, AEUR/USDT, AVAX/FDUSD, DIA/USDT, DOGE/FDUSD, IOTX/ETH, LINK/FDUSD, MATIC/FDUSD, OM/USDT, POLS/USDT.” Meanwhile, only a single new pair was added to the Isolated Margin feature which is IOTX/ETH.

Binance’s move to add new trading pairs across these products shows a move toward providing further liquidity for traders. “Binance Margin strives to enhance user trading experience by continuously reviewing and expanding the list of trading choices offered on the platform, allowing for greater diversification of user portfolios and flexibility with trading strategies,” the crypto exchange said in the announcement.

The move comes only two days after the exchange had announced the removal of multiple spot trading pairs which affected the likes of Dogecoin, Cardano, and Solana, among others. There were no specific reasons for the removal, although the exchange explained that trading pairs can be delisted due to multiple factors.

Dogecoin price chart from Tradingview.com (Crypto Binance Cardano Chainlink)

Crypto Exchanges Cleaning Up Shop

In the last week, there have been multiple instances of crypto exchanges delisting cryptocurrency pairs from their platform. The most prominent delistings for the week came from the Uphold exchange which delisted a number of cryptocurrencies in an effort to keep up with Canadian regulations.

As Bitcoinist reported, Uphold emailed its customers in the region to reveal that it will be desolating 10 Tier 3 cryptocurrencies from the exchange. Those mentioned in the email included Dogecoin (DOGE), Cardano (ADA), Shiba Inu (SHIB), XDC Network (XDC), Kaspa (KAS), Hedera (HBAR), Stellar (XLM), VeChain (VET), Injective (INJ), and Casper (CSPR). Additionally, the crypto exchange revealed it will be delisting all Tier 4 cryptocurrencies as well.

However, unlike Binance’s delisting which only affected some pairs of different cryptocurrencies, Uphold’s move is a total delisting. “Maintaining a healthy ecosystem of digital assets for our customers is one of our top priorities – occasionally delisting assets forms part of this process,” the exchange said.

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Chainlink Staking Program Exceeds Expectations, Drives LINK Price Up By 12%

In a significant development for the blockchain data-oracle project, Chainlink (LINK) has witnessed a significant response to its enhanced crypto-staking program, amassing over $632 million worth of its LINK tokens within a remarkably short period. 

The company announced a recent press release highlighting the “overwhelming demand” during the early-access period, which filled the staking limit in just six hours.

Chainlink Unveils Staking v0.2

Chainlink, recognized as the industry-standard decentralized computing platform, unveiled Chainlink Staking v0.2, the latest upgrade to the protocol’s native staking mechanism. 

The Early Access phase has commenced, inviting eligible participants to stake up to 15,000 LINK tokens. This phase will last four days before transitioning into the General Access phase, enabling investors to stake up to 15,000 LINK tokens as long as the staking pool remains unfilled. 

Per the announcement, the upgrade introduces an expanded pool size of 45,000,000 LINK tokens, equivalent to 8% of the current circulating supply. This enlargement aims to enhance the accessibility of Chainlink Staking, enabling a more diverse audience of LINK token holders to participate. 

Staking forms an integral part of Chainlink Economics 2.0, which brings an additional layer of cryptoeconomic security to the Chainlink Network. Specifically, Chainlink Staking empowers ecosystem participants, including node operators and community members, to support the performance of Oracle services by staking LINK tokens and earning rewards for contributing to network security.

While v0.1 served as the initial phase of the Staking program, v0.2 has been restructured into a fully modular, extensible, and upgradable Staking platform. Building upon the lessons learned from the previous release, the v0.2 beta version focuses on several key objectives. 

Chainlink is introducing several new features to enhance its staking program. These include a new unbinding mechanism that provides more flexibility for Community and Node Operator Stakers.

Additionally, security guarantees for Oracle services are being reinforced by slashing node operator stakes. A modular architecture is being adopted to support future improvements and additions, and a dynamic rewards mechanism is being introduced to seamlessly accommodate new external sources of rewards in the future, such as user fees.

Following the conclusion of the Early Access phase on December 11, 2023, the v0.2 staking pool will transition to General Access. At this stage, anyone will have the opportunity to stake up to 15,000 LINK tokens.

LINK Surges To New Yearly High

Given Chainlink’s successful upgrade, LINK, the native token of the decentralized computing platform, experienced a significant surge of 12%, reaching a price as high as $17.305. 

This price level has not been seen since April 2022, signifying a new yearly high for the cryptocurrency. However, LINK has retraced slightly and is currently trading at $16.774.

Crypto analyst Ali Martinez has highlighted a critical support zone for Chainlink. Martinez noted that over 17,000 addresses purchased 47 million LINK tokens from $14.4 to $14.8. 

This accumulation by many addresses suggests strong buying interest in this price range, potentially acting as a support level for the token.

Chainlink

While the support zone may hold and trigger a rebound in the price of LINK, Martinez cautions that investors should remain vigilant. Any signs of weakness, such as a breach of the support zone or negative market sentiment, could prompt investors to sell their LINK holdings to avoid losses.

It remains to be seen whether LINK can maintain its position above these critical levels and whether the broader cryptocurrency market will enter an accumulation phase or experience a retracement after the significant upward movement witnessed in recent weeks. 

Such a retracement could potentially impact LINK’s price and lead to a test of the support above levels. On the other hand, the token faces immediate resistance at $17.483, $18.069, and $18.910. These represent the final hurdles to overcome before LINK reaches the $20 milestone.

Featured image from Shutterstock, chart from TradingView.com 

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Chainlink Becomes Long-Heavy As Price Clears $16: Top Here?

Chainlink has seen long contracts pile up on Binance during the past day, which may lead toward a top for the cryptocurrency.

Chainlink Funding Rate On Binance Has Turned Highly Positive

According to data from the on-chain analytics firm Santiment, the Chainlink funding rate on Binance has now reached the highest level in about four weeks. The “funding rate” refers to the periodic fee that derivative traders on any given platform are exchanging with each other right now.

When the value of this metric is positive, it means that the long holders are currently paying a fee to the short investors in order to hold onto their positions. Such a trend suggests a bullish mentality is dominant on the platform.

On the other hand, negative values imply a bearish sentiment is shared by most LINK traders on the exchange as the shorts outweigh the longs.

Now, here is a chart that shows the trend in the Chainlink funding rate on cryptocurrency exchange Binance over the last few months:

Chainlink Funding Rate

As displayed in the above graph, the Chainlink funding rate on Binance has assumed significantly positive values following the asset’s surge beyond the $16 mark.

Longs currently outweigh the shorts by the highest ratio since November 11th, when the cryptocurrency’s price set its then-yearly high, which the coin has now surpassed.

Historically, longs piling up on the derivatives market have often been negative for the price. This is because a mass liquidation event called a “squeeze” is usually more likely to affect the side with the most positions.

In a squeeze, a sudden swing in the price triggers a large amount of liquidations, which only feed into the swing further and end up leading to a cascade of more liquidations.

As the Chainlink funding rate is significantly positive, a long squeeze could be more likely to happen than a short squeeze. Last month, the asset hit its local top in these conditions, so the same might also repeat this time.

If LINK does observe a drawdown shortly, though, the decline may not be too extended. This is because there appears to be some strong on-chain support present between the $14.4 and $14.8, as analyst Ali pointed out in an X post yesterday.

Chainlink Price Chart

In on-chain analysis, levels are defined as resistance and support based on the total number of investors who acquired their coins at said levels. From the chart, it’s visible that 17,000 addresses have their cost basis inside the $14.4 to $14.8 range, which means it’s possibly a zone of strong support.

On the contrary, the levels above the current one are thin with investors, meaning that they shouldn’t pose too much resistance should the rally continue.

“As $LINK has regained the $16 threshold, watch if a bit of FOMO forms a local top, or if prices continue surging toward $20 with little resistance,” notes Santiment.

LINK Price

LINK had earlier broken past the $17 mark, but the asset has since seen some pullback as it’s now trading under the level once more.

Chainlink Price

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LINK Price Climbs Above $16 Again – What’s Behind The Latest Surge?

The LINK price seems to be intensifying its bullish momentum again after cooling off over the past few weeks. Despite the recent sluggishness in Chainlink’s price action, the cryptocurrency has maintained most of its profit and managed to stay above the $14 level in the past weeks.

Interestingly, the LINK price recently made its way above the $16 mark for the second time in less than a month. But here is the question – what is driving the latest surge?

On-Chain Data Reveals Catalyst For Chainlink’s Jump To $16

The latest on-chain revelation from Santiment has offered insight into the catalyst behind LINK’s price jump to $16. According to data from the crypto analytics firm, Chainlink’s richest wallets have made a substantial amount of token purchases in the past few days.

In a December 2 post on X, Santiment revealed that LINK whales bought about 3.9 million tokens (worth more than $62 million) in the past three days. This data point highlights an increase in the total amount of tokens held by the 200 largest Chainlink addresses.

This recent market activity underscores the current accumulation trend amongst Chainlink whales. According to data provided by Santiment, the top 200 wallets have loaded up more than $50 million worth of LINK tokens in approximately five weeks.

Furthermore, the on-chain analytics firm also revealed that the 200 largest Chainlink addresses currently hold a combined 746.57 million tokens (equivalent to a massive $11.84 billion). This figure represents nearly 75% of LINK’s total supply.

This accumulation trend is a positive sign for LINK and its price trajectory, as it suggests that large investors are keeping their faith in the asset and banking on the token’s price growth.

Is LINK Outperforming Bitcoin?

As of this writing, the LINK token is valued at $16.11, reflecting a nearly 2% price increase in the last 24 hours. According to data from CoinGecko, the cryptocurrency has jumped by more than 7.5% in the past week.

With its market capitalization rising by more than 143% in the last five months, Chainlink’s performance over the past few months is even more remarkable. Moreover, the altcoin has held its own against the premier cryptocurrency, Bitcoin.

Based on data provided by Santiment, LINK has outperformed the market leader by over 93% – in terms of market cap – in the past five months. This is especially impressive considering that Bitcoin has also been on a positive run, recently breaking above $39,000 for the first time in over a year.

Nevertheless, Bitcoin maintains its position as the top cryptocurrency with a market cap of $772 billion. Comparatively, LINK ranks as the 12th-largest asset with a $9 billion market capitalization.

LINK