Santiment, a popular analytics firm, drew attention to a data on altcoin project Chainlink (LINK). The platform pointed to whale movements on LINK. Here are the details…
Santiment drew attention to the popular altcoin project
Blockchain analytics firm Santiment tweeted this morning that there might be something to do with Chainlink (LINK). The analytics firm shared on its official Twitter page @santimentfeed that there were 3 major whale transactions with LINK. The tweet also added that these transactions took place 11 minutes apart from each other in the final hours of Friday. According to the tweet, the total amount of dollars traded in these 3 transactions is estimated to be around $79.7 million.
According to Santiment’s data, Friday’s transactions, with a total of 11.6 million LINK moved, constitute 3 of the top 5 transactions of 2023. These whale transactions seemed to have had a positive impact on LINK’s price. CoinMarketCap shows that the LINK price has increased by 1.08 percent in the last 24 hours. Additionally, LINK gained 1.13 percent and 0.84 percent, respectively, against the two crypto market leaders Bitcoin (BTC) and Ethereum (ETH). As a result, the price of LINK is trading at $6.92 at the time of writing.
What’s the latest on LINK price?
It is trading between $6.76 and $6.97 in the LINK consolidation channel. LINK’s price attempted to break above the consolidation channel in the past 24 hours, but was rejected by the resistance level shortly after making the move to close the 4-hour session at $6,915. LINK’s price has many technical hurdles to overcome before traders can enter a long position for LINK in the next 24-48 hours. The first hurdle is the upper limit of the above-mentioned consolidation channel. The next hurdle appears to be the 9 EMA line on the 4-hours chart of LINK, which is currently acting as a resistance level for altcoin price.
Meanwhile, the largest US crypto exchange Coinbase is using price flows from the decentralized oracle network Chainlink (LINK) for its new Ethereum (ETH) layer-2 project called Base. As reported by cryptokoin.com, Base is Coinbase’s layer-2 network powered by Blockchain scaling solution Optimism (OP), and the testnet was launched late last month. Base is designed to be compatible with Ethereum layer-2s such as Ethereum, Optimism and other alternative layer-1s such as Solana (SOL).
According to Chainlink, the price streams are now live on the Base testnet. Base also participates in the Chainlink SCALE program, which is designed to provide more affordable Chainlink data and services to developers.
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