Have you noticed the recent buzz in the crypto world about the substantial growth of Chainlink? In just five weeks, Chainlink surges 30%, catching the attention of both casual investors and seasoned crypto enthusiasts. But what exactly led to this remarkable rise? Let’s delve into the details.
Accumulation by Whales and Sharks
One of the key factors that contributed to Chainlink’s impressive rally was the aggressive accumulation of tokens by whale and shark addresses. According to on-chain analytics firm Santiment, this accumulation coincided with Chainlink’s significant growth. Specifically, Chainlink’s key stakeholder tier now holds a six-year high in tokens, as traders continue to reap profits.
During this period, wallets holding between 100,000 to one million LINK tokens have added a staggering 5.12 million tokens, equivalent to $38.5 million. This accumulation far outweighs the activity of small retail traders, who are moving coins at a mild profit, anticipating a price top that has yet to occur.
Key Collaborations and Developments
Another factor that fueled Chainlink’s bullish run was its successful collaboration with global messaging giant SWIFT and 12 major banks for blockchain testing. This partnership not only strengthened Chainlink’s bullish outlook but also triggered a surge in its value. Furthermore, the Depository Trust & Clearing Corporation, the world’s largest securities settlement system, announced its exploration of Chainlink CCIP to enable tokenized asset interoperability. This led to Chainlink ending September on a high note.
Technical Indicators and Whale Activity
On the technical front, the appearance of a golden cross on Chainlink’s daily chart further boosted the bullish narrative. This bullish chart pattern occurs when a short-term moving average crosses a long-term moving average from below. Chainlink saw four consecutive green days, beginning on October 13, when the golden cross first appeared, reaching highs of $7.82 on October 17.
On-chain data also suggests an increase in whale activity with rising active addresses, indicating that the bullish momentum is still strong.
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