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Chainlink’s price had risen by more than 20% in the previous week as of the time of publication. Although the decentralised oracle network’s trading volume has decreased across exchanges in the recent altcoin rally, its present liquidity is sufficient for the price to rise alongside top altcoins. The sum of Chainlink carried by the top-10 whales is a valid statistic that indicates this, with the same indicating a figure of 68.7 percent six months earlier.
However, the concentration of big HODLers is rising as the market rally continues.
As Chainlink reached its all-time high of $44.40, it indicated a spike in network traffic. At the time of publication, the concentration of big HODLers was 79 percent. Additionally, the number of $100k+ transactions increased, returning to levels last seen when ETH reached its previous all-time high. Chainlink’s intention to deploy more tamper-proof oracle networks is expected to fuel this extended market surge in the coming weeks.
Furthermore, although trade volume has just recently begun to decline, it has increased by more than 60% in the previous three days. LINK’s price and trading value have risen many times in recent years, to the point that the altcoin has been placed among the top five in terms of market capitalisation. Chainlink’s most recent whitepaper details the altcoin’s future plans, implying that an extended market surge is on the way.
Furthermore, according to IntoTheBlock info, on-chain sentiment is currently bullish. Large purchases on the Chainlink network have increased by more than 5% in the last week, indicating an extended rally. At the press time market stage, over 99 percent of HODLers are profitable, and the stock is holding up under selling pressure.
Another factor contributing to LINK’s price increase is the recent increase in its association with Bitcoin. The high correlation between Ethereum and Bitcoin was the primary factor driving its price, and the same is true for LINK.
It is worth noting, however, that at the time of publication, the crypto-market was trending downward due to Turkey’s ban on crypto-payments. Bitcoin was selling for less than $61,000, and Connection was worth slightly more than $40, implying that this correlation is a double-edged sword.
Once the market stabilises and LINK returns to the above price range, LINK will continue to be undervalued, and the price rally will continue based on the above metrics.