Chainlink’s LINK is one of the altcoins that’s been performing well during this market pump. The price surged over 20% this week and is now trading above the $13.5 level.
Recent data reveals an impressive surge in whale activity for Chainlink. Large transactions worth over $100,000 hit a peak of 264 in a single day, marking the highest level since the accumulation phase that followed the August 4th market crash. This spike suggests significant interest from large-scale investors, who typically influence major price movements in the crypto market.
The past seven weeks have shown a notable trend among substantial LINK holders. Wallets holding between 100,000 and 10 million LINK tokens have been steadily increasing their positions, accumulating an additional 27.1 million LINK. This represents roughly an 8.2% increase in their total holdings, demonstrating sustained confidence from high-net-worth investors.
The recent price action has pushed LINK above $13.65, a key resistance level untouched since July 2024. This breakthrough appears particularly significant as LINK shows independent strength while many other altcoins remain relatively quiet. The surge in whale transactions coincides with these price movements, as shown by transaction volume spikes during key accumulation periods.
The behavior of large stakeholders, tracked by their wallet holdings, shows a consistent upward trend. This accumulation pattern, combined with increased transaction activity, suggests strong market positioning from experienced investors.
Read also: Polygon’s POL Price Surges as Analyst Predicts ‘Easy’ 3X Gains
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