LINK price appears to be re-intensifying its bullish momentum after cooling off in recent weeks. Despite the recent sluggishness in Chainlink’s price action, the cryptocurrency has retained most of its gains and remained above the $14 level in recent weeks.
Interestingly enough, LINK price recently rose above $16 for the second time in less than a month. But here’s the question: what’s driving the latest wave?
On-Chain Data Reveals Catalyst for Chainlink’s Jump to $16
Santiment’s latest on-chain revelation has provided insight into the catalyst behind LINK’s price rise to $16. According to data from the crypto analytics firm, Chainlink’s richest wallets have made a significant number of token purchases in recent days.
In a December 2 post on This data point highlights an increase in the total number of tokens held by the top 200 Chainlink addresses.
#Chain link anticipates the #altcoin back in the field, helped by the fact that the top whales continue to accumulate. The top 200 wallets added just over $50 million $LINK in ~5 weeks. Over five months, the market cap is +143% overall, and +93% versus +93%. #Bitcoin. https://t.co/HUjTnCY5c9 pic.twitter.com/oAPl9SQaJ5
— Santiment (@santimentfeed) December 2, 2023
This recent market activity underlines the current accumulation trend among Chainlink whales. According to data from Santiment, the top 200 wallets loaded more than $50 million worth of LINK tokens in about five weeks.
Furthermore, the on-chain analytics company also revealed that the top 200 Chainlink addresses currently hold a combined 746.57 million tokens (equivalent to a massive $11.84 billion). This figure represents almost 75% of LINK’s total offering.
This accumulation trend is a positive sign for LINK and its price trajectory, as it suggests that large investors are maintaining their confidence in the asset and are banking on the token’s price growth.
Does LINK outperform Bitcoin?
At the time of writing, the LINK token is valued at $16.11, reflecting a price increase of almost 2% in the last 24 hours. According to data from CoinGecko, the cryptocurrency has risen by more than 7.5% in the past week.
With its market capitalization increasing by over 143% over the past five months, Chainlink’s performance in recent months has been even more remarkable. Furthermore, the altcoin has held its own against the leading cryptocurrency, Bitcoin.
Based on data provided by SantimentLINK has outperformed the market leader by more than 93% in terms of market capitalization over the past five months. This is especially impressive considering that Bitcoin has also been on a positive trajectory, recently rising above $39,000 for the first time in over a year.
Nevertheless, Bitcoin retains its position as the top cryptocurrency with a market cap of $772 billion. By comparison, LINK is the twelfth largest asset with a market capitalization of $9 billion.
LINK price resumes upward trend on the daily timeframe | Source: LINKUSDT chart on TradingView
Featured image from Adobe Stock, chart from TradingView