Santiment, an on-chain analytics company, draws attention to Chainlink’s notable increase over the previous five weeks. The price of Chainlink (LINK) at the time of writing was $7.47. This is a 30% increase over the previous five weeks, according to Santiment.
Santiment observed a spike in the accumulation of tokens by shark and whale addresses corresponding with this date, which may have contributed to the surge in part. As traders realise profits, it was noted that Chainlink’s important stakeholder tier currently has a six-year high in tokens.
https://x.com/santimentfeed/status/1714019662223327510?s=20
This is because wallets holding 100,000 to 1,000,000 LINK tokens actively gathered 5.12 million tokens in the previous week. Financially, this is worth $38.5 million.
Retail traders, on the other hand, are shifting coins at a little profit since they were waiting for a price peak that hasn’t materialised. Santiment pointed out that the actions of the whales are more important than those of profit-taking tiny retail traders.
After hitting lows of $5.95 and highs of $7.95 on Sept. 30, LINK started to rise on Sept. 11.
The giant of global messaging, SWIFT, declared in September that its blockchain experiment with Chainlink had been a success, boosting its positive outlook.
It was also revealed that the Depository Trust & Clearing Corporation, the biggest securities settlement system in the world, was looking at the Chainlink CCIP to facilitate tokenized asset interoperability.
Chainlink ended September in the black as a result of this. Despite the dips experienced in October, bulls have maintained pace, and on-chain data indicates greater whale activity with higher active addresses.
A golden cross that appears on Chainlink’s daily chart further supports the bulls’ story. A short-term moving average (often MA 50) crossing a long-term moving average (typically MA 200) from below creates a golden cross, a bullish chart pattern.
Beginning on October 13, when the golden cross initially emerged, Chainlink experienced four straight days in the green, reaching highs of $7.82 on October 17.
