Chainlink (LINK) price continues to lead the altcoin market gains. The price started the last two days with double-digit gains. Whale buying accompanied this rally, while data suggest the trend may be long-term.
Altcoin whales are after LINK again
LINK price has recorded 3 green candles, each above 10%, since July 13. It has strengthened its position above $8, gaining around 15% today.
Chainlink is not an altcoin that has come to the fore with huge price increases. However, it is currently experiencing strong momentum with positive growth in various aspects. In the last 24 hours, LINK trading volumes have increased by over 787%. As a result, Chainlink (LINK) price hit 3-month high.
Santiment draws attention to increasing whale accumulation
On-chain data provider Santiment has featured a few developments that demonstrate the strength of the recent LINK rally. He said this momentum could lead the bulls to the next resistance at $10:
Chainlink became the 3rd trending topic in crypto after an impressive +20% day and returned to its highest price ($8.34) in 3 months. Thursday had $347.72 million in volume, the largest in 2023. FOMO may be the only barrier keeping LINK at $10.
For a long time, Chainlink price has largely consolidated in the $6-$8 range, which also acts as a savings zone for investors. Now, the recent increase in trading volumes points to increased interest among investors and market participants.
In addition to increasing transaction volumes, there is also an increase in the number of whale transactions involving LINK. As large-scale owners, whales play a crucial role in the cryptocurrency market. Also, the balances of wealthy LINK holders are growing.
Whales collect silent LINK
Santiment said the recent demand is a sign that whales are quietly buying LINK while the price remains stable. Market trends for LINK present an interesting situation. Although there has been no significant price action, there are visible signs that trading volume is increasing, whale transactions are increasing, and large holders are accumulating. So, while LINK may seem stagnant, there is actually increased activity below the surface.
Currently, there is a lot of activity in the Chainlink ecosystem. This makes LINK a favorite among market traders. The protocol plays a critical role as the leading oracle service provider for Blockchain systems. It is strategically growing its ecosystem through the Chainlink BUILD program. However, a new interoperability protocol was one of the developments that caught the whales’ interest.
Altcoin whales buy the news
cryptocoin.com As we reported, a new Chainlink-linked protocol was launched this week. Recent green signals in LINK metrics largely match whale purchases.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow on. Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.