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
As we have quoted as Kriptokoin.com, a new Chainlink-linked protocol was launched this week. Recent green signals in LINK metrics largely match whale purchases.
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