Chainlink (LINK) is continuing its upward trend, with dormant addresses becoming active again and a noticeable increase in whale accumulation. Important addresses have gathered 26 million LINK, amounting to a substantial $384 million.
The crypto analytics platform Santiment has recognized Chainlink’s strength, maintaining its position as the 12th largest cryptocurrency by market capitalization. Currently priced at $14.68, Chainlink has surged by 8.64%, outperforming the broader market, which has experienced a smaller increase of 2.80%.
Understanding the Reasons for Chainlink’s Market Separation
Santiment suggests paying attention to the resurging addresses and ongoing accumulation, emphasizing their significance for Chainlink’s future. Notably, Santiment’s data underscores the historical accumulation by addresses holding between 10,000 and 10,000,000 LINK.
In the past five months, these addresses have amassed 4.7% of the total token supply. This accumulation amounts to 26,171,948 LINK, currently valued at $384,204,196 (or $384 million) based on the current price.
Resurgence in LINK Accumulation Signals Potential Growth
The accumulation trend for Chainlink’s LINK has seen notable fluctuations, declining from its peak in November of the previous year to its lowest point in March. However, with slight variations, whale accumulation has experienced a remarkable ascent from that low point to a new high today.
Previous reports validate this trend, revealing that over 27,150 addresses holding at least 1,000 LINK are active on the network as of November 6. The contributions of these ecosystem members have played a crucial role in solidifying LINK’s effort to establish robust support above $14.5.
Furthermore, the growth curve in the average age of LINK in wallets has exhibited a slowdown. Since last November, the age of tokens in wallets has increased, indicating a move towards dormancy. The flattening of the curve from October 14 to the present suggests a revival of some of these dormant tokens.
Chainlink’s Uptrend Signals Promising Growth Ahead
Chainlink’s current upward momentum is just the beginning, with the token still down 72.37% from its all-time high of $52.88, indicating significant growth potential. Currently, LINK boasts a market capitalization of $8,294,262,693 and a trading volume of $1,162,022,100, marking a substantial increase of 48.95%.
Beyond the typical trends in whale addresses and overall social sentiment, Chainlink has strong fundamentals to support its ongoing growth. Noteworthy innovations include an upcoming staking upgrade and the Cross Chain Interoperability Protocol (CCIP), a solution gaining notable traction in the Web3 community.
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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