During the past weekend, large investors and institutions traded over 20 million LINK tokens, worth $150 million.
The Chainlink (LINK) cryptocurrency has recently been making headlines due to a strong month-long rally. It reached a peak of $8.13 on October 1 but has since experienced some price drops.
Currently, the Chainlink price is at $7.60, which is a 3.52% increase, with a market cap of $4.2 billion. Even though there have been recent price fluctuations, Chainlink’s price remains above its long-term trendline.
Don't let the recent downside volatility distract you from the fact that Chainlink has broken its Macro Downtrend
And may very well soon retest the Macro Downtrend to fully confirm the breakout#LINK #Crypto #Chainlink pic.twitter.com/opVfz62H4T
— Rekt Capital (@rektcapital) October 15, 2023
There’s a chance that the LINK price might revisit the long-term trendline and then potentially bounce back from there.
Chainlink Whale and Institutional Transactions
According to on-chain data, Chainlink (LINK) caught the attention of institutional investors on October 13. On that day, more than 20 million LINK tokens, worth over $50 million, were traded, as observed by 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
Significant transactions like these often suggest heightened interest and speculation in a cryptocurrency. However, it’s essential to understand that increased activity doesn’t guarantee an immediate rise in the asset’s value.
Is Chainlink the Safest Bet?
In the world of tokenizing real-world assets, there’s a growing interest in the cryptocurrency community. A report from research firm K33 Research suggests that Chainlink’s native token, LINK, might be the smart choice for investors looking to take advantage of this trend.
K33 analyst David Zimmerman expressed, “If we want to be a part of the real-world asset story and not miss out on its growth, LINK is the safest option.” He pointed out that major banks and cryptocurrency platforms are already exploring tokenization, and Chainlink has become a crucial part of this process, thanks to its network of oracles and numerous partnerships that link blockchains with real-world assets. He added, “It might not experience the most significant price gains, but few projects are better positioned to benefit from this trend.”
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
