Santiment, an on-chain analytics company, highlights Chainlink’s notable expansion throughout the past five weeks. As of writing, Chainlink (LINK) was trading for $7.47. Santiment claims that this is a 30% rise over the previous five weeks.
Santiment observed that the increase in token accumulation by shark and whale addresses coincided with this date, which partially accounted for the spike. As traders take gains, it was observed that the number of tokens in Chainlink’s primary stakeholder tier had reached a six-year high.
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This is because, in only the past week, wallets holding between 100,000 and one million LINK tokens have aggressively amassed 5.12 million tokens. This is a $38.5 million financial asset.
30% Gains in Five Weeks: What’s Behind Chainlink’s Rally?,30% Gains in Five Weeks: What’s Behind Chainlink’s Rally?
Retail traders, on the other hand, are trading coins at a slight profit because they are waiting for a price peak that hasn’t materialised. Santiment pointed out that whale movements matter more than small-scale retail traders trying to make a profit.
The global messaging giant SWIFT bolstered its optimistic view in September by revealing the results of a successful blockchain trial with Chainlink.
It was also revealed that Chainlink CCIP will be investigated by the largest securities settlement system in the world, the Depository Trust & Clearing Corporation, in order to facilitate tokenized asset interoperability.
Chainlink closed September in the green as a result of this. Notwithstanding the October falls, bulls are still gaining ground, according to on-chain data that indicates a rise in active addresses and whale activity.
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Strengthening the bulls’ narrative is the arrival of a golden cross on Chainlink’s daily chart. When a short-term moving average (typically the MA 50) crosses a long-term moving average (usually the MA 200) from below, a bullish chart pattern known as a golden cross is formed.
Starting on October 13, when the golden cross initially surfaced, Chainlink saw four days in a row in the green, peaking on October 17 at $7.82.
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