- Significant Chainlink accumulation witnessed among whale addresses, amassing over $192 million in LINK in less than a month.
- Chainlink’s current trajectory, bolstered by notable developments, signals a potential rally to the $11 price point.
Amid Market Uncertainties, Chainlink Captures Whales’ Attention
As most of the cryptocurrency realm undergoes pronounced consolidation, Chainlink (LINK) emerges as the chosen altcoin for prominent market entities. Currently priced at $7.36, reflecting a 2.75% uptick and boasting a market cap of $3.9 billion, LINK has successfully outperformed many by registering a 20% ascent over the past month. This bullish stance can be attributed, in part, to the intensified accumulation activities by Chainlink’s larger holders, often referred to as ‘sharks’ and ‘whales’.
🔗🧑💻 #Chainlink's #github development activity has been notably higher this summer, leading to the asset cracking the top 5 most frequent developed assets. Additionally, whales & sharks with 100K-10M $LINK now hold the most coins since December, 2022. 🐳https://t.co/p1x6LeiRAG pic.twitter.com/wd2tR5p1A1
— Santiment (@santimentfeed) August 7, 2023
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Esteemed on-chain analytics firm, Santiment, provides insights into Chainlink’s burgeoning momentum. Over the summer, Chainlink’s GitHub activity exhibited an upswing, positioning it among the top 5 most actively developed digital assets. Furthermore, Chainlink whales, specifically entities holding between 100K to 10M LINK, are now at their zenith since December 2022, accumulating a staggering $192 million in LINK within a brief span.
A Push towards the $11 Price Frontier
Renowned crypto analyst, Michaël van de Poppe, recently proffered a robust outlook for LINK via his YouTube discourse. He pointed out that Chainlink, having oscillated between $5 and $9.5 for almost 450 days, is poised to establish a bullish pattern – expected to dip to create a favorable higher-low pattern, then ascend vehemently. Van de Poppe underscores the $6.75 mark as pivotal for bullish undertakings, hypothesizing a prospective LINK surge to the $11 benchmark.
On the technological front, Chainlink recently unfurled its Cross-Chain Interoperability Protocol (CCIP) for its early adopters. This avant-garde protocol aims to invigorate cross-chain utilities and offerings. After rigorous beta testing by approximately 25 partners, CCIP was integrated onto the mainnet and is currently accessible to users across platforms like Avalanche, Ethereum, Optimism, and Polygon. Notably, this cutting-edge protocol has been instrumental in fortifying Chainlink’s liaison with the renowned SWIFT payment system, predominantly leveraged by global banking institutions.
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