Chainlink price recovers fueled by large transactions, whale accumulation
- Chainlink jumped ahead of altcoins in top 30 cryptocurrencies in July with large volume transactions by whales.
- Whales holding between 1,000,000 and 10 million LINK tokens are rapidly accumulating the altcoin.
- Gains in LINK price over the past two weeks are likely powered by a large volume of transactions of more than $1 million each.
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Chainlink witnessed a surge in transactions and accumulation by large wallet investors, popularly known as whales, over the past two weeks. These bullish on-chain metrics of LINK can explain the altcoin’s price hike over the last 14 days. Chainlink ranks among the top 30 cryptocurrencies by market capitalization and the token is leading the pack of altcoins this alt season in July.
Also read: ApeCoin price likely to pull back as on-chain metrics flip bearish
Chainlink leads altcoin pack with double-digit gains
Over the past two weeks, Chainlink price has climbed steadily, yielding more than10% gains for holders. LINK’s price rally is likely powered by whale accumulation and large volume transactions by wallets in the Chainlink network.
Whales holding between 1,000,000 and 10,000,000 LINK tokens have rapidly added Chainlink to their portfolio in the weeks leading up to the price hike. Moreover, the Chainlink network noted the highest number of transactions valued at more than $1 million in 2023.
Chainlink whale transactions and accumulation
Chainlink network’s volume of activity has fueled a bullish sentiment among holders. The on-chain metric that tracks an altcoin’s popularity among market participants, social dominance, climbed 16.2% over the past 24 hours, according to data from Santiment.
Chainlink’s recent launch of its CCIP protocol is likely another bullish catalyst driving gains in the altcoin. To find out more about CCIP and how it attracts developers and builders to the Chainlink community, check this post.
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Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
