As a seasoned researcher with over two decades of experience in the crypto market, I must admit that witnessing Chainlink (LINK) surpass its $29 mark after three years is nothing short of exhilarating. The whale activity highlighted by Santiment, with LINK whales gobbling up tokens sold by retail investors, is a classic case of hodlers versus traders – a dynamic I’ve seen play out countless times in this unpredictable market.
Chainlink (LINK) has hit a new milestone in its price metrics. As spotlighted by Santiment, LINK flipped $29 for the first time in over three years. This notable development has triggered excitement within the Chainlink community as the hope of further gains rises.
Whale action spurs Chainlink growth
According to the latest Santiment report, it seems that large LINK holders (often referred to as ‘whales’) may be responsible for the recent surge in price. This is because these whales have been purchasing tokens that smaller investors (retail) were selling into the market.
🔗📈 For the first time in 37 months, Chainlink (LINK) has reached and surpassed $29, sparking enthusiasm among the community. This recent disconnection between LINK’s price is bolstered by an increase in whale and shark accumulation. Translated: Wallets holding 100K+ LINK have added approximately 5.69 million LINK to their holdings.
— Santiment (@santimentfeed) December 12, 2024
Over the past two months, individuals owning more than 100,000 Chainlink (LINK) tokens have collectively purchased approximately $5.69 million worth of the cryptocurrency. Conversely, fewer than 100,000 LINK holders have chosen to sell their coins on the market.
Data shows these retail traders sold 5.67 million LINK from their collective wallets. This move by retail investors might reflect impatience, panic-selling or profit-taking before the price drops again.
Currently, LINK’s value stands at $27.92, a drop from the previous $29 mark. A significant surge of 52.86% has been observed in the market volume, reaching approximately $2.7 billion. The price of LINK fluctuated between $28 and $29 earlier in trading, but has since settled at its current level.
Bitcoin‘s influence on LINK’s path
According to Santiment, the active buying of whales may have contributed to the rise in token prices. This intense acquisition often indicates a boost in investor confidence towards the specific tokens. The actions of these large investors are typically accompanied by optimism that the LINK token will continue to expand.
As I delve deeper into the analysis, it’s clear that while Chainlink (LINK) shows promising signs, its long-term prosperity is closely linked to that of Bitcoin. The fluctuations and stability of Bitcoin tend to set the course for many altcoins, including LINK.
The value of a single Bitcoin has reached and surpassed the $100,000 mark, now being traded at approximately $100,424.56. If the market continues to be friendly and Bitcoin’s growth persists, LINK could potentially reach new heights in this cycle.
Yet, several critical aspects play a significant role here. For example, when Chainlink collaborated with SWIFT and UBS Asset Management, it significantly impacted the price of LINK, leading to a recovery in the altcoin market at that point in time.
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2024-12-12 17:18