Chainlink: Can the renewed whale interest assist LINK break above $20?

Lavina Daryanani
Source: Bitcoin World

There was a time in October last year when Chainlink’s price consistently revolved around the $30 threshold. Fast forward to February ’22, Chainlink has not even paid a visit to $20 once. It has been almost a fortnight since LINK’s price has been sandwiched between $15 and $19.

It’s a known fact that more than two-thirds of Chainlink’s supply is held by whales, and such market participants usually make big transactions. So, looking at the state of the large transaction chart would give us a rough idea as to what whales are upto.

As can be seen from the snapshot attached below, the number of transactions greater than $100k created a multi-month low of 124 on 13 February. However now, the curve has seemingly changed its direction and has already advanced to 198 over the past day.

A similar observation was made concerning the volume of such transactions too. After stooping down to 2.66 million tokens on 13 February, this number is already up to 6.18 tokens million at the moment.

Thus, keeping the improving numbers in mind, it can be deduced that whales are gradually springing into action.

Source: ITB

Also, Chainlink remains to be one of the top HODLings by the Ethereum rich list. At press time, the top 1000 ETH whales cumulatively possessed LINK tokens worth $181,170,914, making it their ninth-largest holding.

Among the same Ethereum wallets, LINK contracts have consumed a fair share of the cumulative gas. The same has seen a 47% incline over the past day, supporting the argument of whale activity.

Source: WhaleStats

So now, if the whale-side buying bias gets even more acute, then LINK would be able to break above the shackles of $20 and commence its journey towards $25. However, a failure of the bias to become concrete could see the token prolong its consolidation phase.

Alongside the non-turbulent price movement and whale actions, Chainlink’s adoption has continued to advance. Over the past week, 18 projects adopted Chainlink’s open source technology. The same was, notably, spread across 4 independent oracle services and 5 different blockchains that included the likes of Avalanche, Binance Smart Chain, Ethereum, and Fantom.

Projects continuing to adopt Chainlink is a sign of the project becoming mainstream. The same could rub off on the fundamentals of Chainlink going forward.