- Chainlink whales are on a rampage with over $84 million token acquisition in 3 days.
- Chainlink continues to brandish positive tokenization fundamentals that can drive LINK growth in the future.
According to recent data from blockchain analytical platform Lookonchain, the Chainlink (LINK) ecosystem had a massive increase in activity, with whales acquiring $84 million worth of LINK tokens in just three days.
Whales Makes Moves on Chainlink
The recent spree of LINK token acquisitions by whales has sent ripples through the crypto space, reigniting discussions about the potential trajectory of Chainlink’s price and the underlying factors driving this surge in demand.
Whales, known for their large holdings and capacity to affect market outlook, play an important role in determining the sentiment and direction of cryptocurrencies. When these entities make notable moves, they attract the attention of traders, analysts, and enthusiasts, generating conjecture and study of their intentions.
However, it’s not just the whales that are showing interest in Chainlink recently. Santiment’s data indicates a notable increase in the total number of Chainlink holders. Over the past few months, the count of LINK holders has surged by about 9,000, reaching a substantial total of 717,000 holders. This increase in holders further reinforces the growing bullish sentiment about Chainlink’s future possibilities.
Additionally, a closer look at the supply on exchanges reveals a recent trend where holders are moving their LINK away from these platforms. Currently, exchange supply accounts for only approximately 21.5% of overall supply, showing that holders are confident that a further price rally is on the way.
Despite some swings in recent days, Chainlink’s price trend remains strong. On the daily timeframe, the LINK price has been bouncing about $18 for several days after surging into this region on February 1st. LINK’s price is currently around $20.29, reflecting an 8% increase over the last seven days, with a market cap of $11.9 billion.
Market Outlook on Chainlink’s Price
Renowned trader Ali Martinez stated in an earlier report by CNF that Chainlink is poised for a remarkable expansion soon. Martinez highlighted several factors contributing to Chainlink’s bullish outlook, including its expanding ecosystem of partnerships and technical indicators signaling an uptrend.
Recently, Chainlink joined forces with SingularityDAO, a crypto investment platform, to support innovative blockchain concepts. This collaboration highlights Chainlink’s role in facilitating real-world data integration and emerging Decentralized Finance (DeFi) use cases, positioning it as a go-to oracle solution in the crypto economy.
Chainlink is also projected to dominate the crypto industry by converting tangible and traditional financial assets, such as currencies, commodities, stocks, and bonds, into digital tokens. This is an important use case for blockchain technology, with the potential for widespread adoption and billions of dollars in investment.
The simultaneous increase in LINK’s Open Interest further suggests that market participants are leveraging their positions to go long. This confluence of factors reflects a collective confidence in LINK’s upward potential, with traders expressing optimism through both funding decisions and larger leveraged positions, potentially fueling continued bullish momentum in the market.