Chainlink (LINK) has gained prominence in the cryptocurrency market, an achievement attributed to it’s uptick in interest from whales. Ali Martinez, a popular freelance cryptocurrency analyst, brought attention to this trend on November 29, highlighting the striking rise in whale activity around LINK.
Martinez took to his X handle to report that LINK has seen 2,600 transactions that have exceeded the $100,000 threshold each, marking the largest increase in whale transactions for the year. The increase is believed to be a sign of high-value transactions indicates that major players in the cryptocurrency space are becoming more interested and involved.
Martinez affirmed that given the significant influence whale activity can have on market dynamics, the increase in whale activity is especially noteworthy. Given that significant transactions frequently signify calculated actions by powerful investors, the increased involvement of cryptocurrency whales in LINK implies a rise in confidence or a calculated placement in the asset.
Martinez noted in his thorough analysis that the increase in whale transactions—particularly those that exceeded $100,000—was noticeably greater than the numbers that were reported on November 28. This increase in whale activity came before a significant spike in the price of LINK in a record-breaking two to three days.
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Recent Analysis Says LINK Outperformed Bitcoin By 165% In 2023
The recent increase in whale activity gives Chainlink’s market dynamics context and could have an impact on the company’s trajectory in the days and weeks to come. As of press time, LINK has moved to $14.74, at 3.31% in the last 24 hours.
LINK has also gained by 4.3% within the week, crossing by 33.8 last month, hence, adding $2 billion to its market capitalization within November. Analysis from the Finbold platform says that the LINK Year-to-date had risen exponentially by 165%, outperforming the BTC which had recorded a 130% rise within the year.
Ali Martinez has today released some outlook about LINK that indicates it’s potential to break through the bull pattern. He said that LINK is expected to return to its initial comfort zone, which is around $14 before it could move towards the $20 proof mark.
Investigation into LINK’s past performances revealed that it has, on many occasions in the last 6 months, experienced a sharp increase in whale transactions, which has, in turn, grossly affected the price of LINK. Some of the significant months include the month of October, July, and early November.
Santiment Release Data Shows Activities In Dormant LINK Accounts
Data from Santiment says that LINK has maintained its biggest movement experienced in dormant tokens for 11 weeks. Past analysis by Santiment also rhymes with the current rapid increase in the movement of dormant tokens, which is evident in the increase in the price of LINK.
Record from Santiment shows that in the post-September 15th major increase in the dormant LINK tokens amounting to 8.34 billion, the price moved by closely 31% in two weeks. Also, on November 28, a record 28 4.28 billion units of LINK tokens were transferred, making way for LINK to gain in value.
On September 15, the amount of LINK tokens supplied to exchanges decreased by 17.22% and went down further by 15.04% by November 28. This development has been described as a negative flow on exchanges, as LINK tokens leave many exchange platforms – reducing the seller’s selling pressure on LINK.