Chainlink (LINK) maintained stability above $21 and occasionally tested the $22 level during early October. Midway through the month, LINK’s price dropped sharply amidst the devastating market downturn last week, and broke below $18, briefly dipping to about $16.
Although there were a few recovery attempts, the asset could not regain its earlier momentum. However, as it currently hovers near $17.5, top investors keep adding the token to their stacks.
LINK Whale Wallets Are Swelling
Chainlink whales and sharks holding between 100,000 and 1 million LINK tokens have continued their accumulation trend, indicating steady confidence in the asset. Over the past 12 months, Santiment found that these wallets have collectively added 40 million LINK, which is a 28% increase and 103 new addresses.
In the last six months, holdings grew by 12.9 million LINK, a 7.6% rise with 30 additional addresses. The trend continued over the past three months, as 8.7 million LINK were accumulated by this cohort, and in the past month alone, 2.8 million LINK were added to whale and shark wallets.
Crypto analyst Ali Martinez also observed that the crypto asset is showing strength and could be gearing up for a rally even as most altcoins continue to struggle. He said that the $16 level is a crucial demand zone, where over 54.5 million LINK tokens have been accumulated, thereby creating a strong support base.
During the recent market sell-off over the past two weeks, whales purchased an additional 13 million LINK. From a technical standpoint, it appears to be forming a symmetrical triangle pattern, which could mean a possible breakout setup. As such, a break and close above $25 could signal the start of a major rally, potentially pushing LINK toward $53 or even $100 in the longer term.
Developer Activity Rankings
Alongside its strong whale activity and technical setup, Chainlink also secured the number two spot for development activity over the past month. The project kept its position from the month before.
The latest ranking places Chainlink just behind Metamask’s mUSD, which secured the top spot, and ahead of Dfinity’s Internet Computer (ICP), which ranked third. Other projects in the top ten included Radworks (RAD), Hedera (HBAR), Sui Network (SUI), DeepBook on Sui (DEEP), Aptos (APT), Avalanche (AVAX), and Optimism (OP).
The post Chainlink Heats Up: 53 Million LINK Scooped Up in Big Accumulation Spree appeared first on CryptoPotato.
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