With the ongoing accumulation of LINK, if its price successfully surpasses the $6.50 mark, there’s potential for it to experience a rally and reach $10.
While the wider crypto market remains relatively stable, Chainlink (LINK) is standing out with a noticeable shift in its direction. According to on-chain data, both Chainlink “shark” and “whale” addresses have gathered $10 million worth of LINK in just the past three days.
The group of significant “shark” holders of Chainlink, who possess between 10,000 and 100,000 $LINK tokens each, have been actively accumulating more. Currently, there are 3,127 wallets in this category, which is the highest count since December 3, 2022, according to reports from Santiment.
Courtesy: Santiment
Chainlink’s on-chain data has been showing positive signs over the past three weeks, indicating renewed interest from investors in the altcoin. Currently, the LINK price is trading at $6.37, up by 2.67%, with a market cap of $187 million. Over the last week, the LINK price has risen by 6.29%, which is a notable increase compared to many other altcoins that are currently in decline.
Another positive development for Chainlink (LINK) is that despite the recent price increase, investors are not rushing to book profits. Instead, the reserves of LINK on exchanges have been decreasing. In the last three weeks, Chainlink investors have withdrawn nearly 1.8 million LINK tokens from exchanges.
Chainlink’s Tokenization Tests with SWIFT Raise LINK Price Predictions
Whale interest in Chainlink has surged following SWIFT Network’s announcement on August 31st that they successfully conducted tokenization tests in collaboration with Chainlink, Citibank, and other financial institutions.
SWIFT, a global payment processing platform, recently shared the results of these tests, showcasing the use of Chainlink infrastructure to facilitate the transfer of tokenized value across various public and private blockchains.
Looking at Chainlink’s price from an on-chain perspective, it seems poised to reach the $10 mark if the prevailing bearish sentiment affecting other cryptocurrencies diminishes.
This optimistic outlook is supported by data on the buying price distribution among existing Chainlink investors, which suggests that once LINK’s price exceeds $6.50, it faces minimal resistance on its path to $10.
Courtesy: IntoTheBlock
As illustrated in the chart above, around 67,300 addresses joined forces to purchase a total of 557 million LINK tokens at an average price of $6.50. If these strategic retail investors decide to align their trading actions with the positive outlook of larger holders, there’s the possibility of driving Chainlink’s price rally to $10.
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.
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