Chainlink’s Market Gains Momentum as Older Coin Shifts and Whale Activity Spike

Key Points:

  • Chainlink’s price surge is linked to significant older coin movements.
  • Whale transactions hit a yearly high, signaling investor interest in Chainlink.
  • LINK’s market cap growth strengthens its position in crypto rankings.

Chainlink has recently observed a substantial shift in its older coin holdings, a trend often associated with notable price fluctuations. Onchain data from Santiment mirrors a similar pattern seen on September 15th, followed by a remarkable 31% increase in Chainlink’s value over the two weeks.

From September 15th to the 29th, Chainlink witnessed its price escalate from $6.36 to $8.22. This increase coincided with a significant Age Consumed Spike, which reached 8.34 billion LINK on September 15th. Fast forward to November 28th, the cryptocurrency experienced another significant spike in its Age Consumed. It hits 4.28 billion LINK, the most substantial since the September surge.

Moreover, Alicharts, a crypto analyst, shared insights on X, whereby Chainlink recently saw its largest spike in whale transactions for the year. On November 28th, the network recorded over 2,600 transactions, each exceeding $100,000. This high activity level by whales indicates a growing interest and a shift in investment strategy towards Chainlink within the crypto community.

Market analysts closely watch such movements of older coins and the surge in whale transactions as they often precede significant price movements in the cryptocurrency market. For Chainlink, these indicators suggest a potential upward trend in its market value, drawing attention from investors and traders alike.

As of this writing, LINK is exchanging hands at $14.78 above the key level of $14.00 after forming lower lows in the previous session. Although the bulls have successfully driven the price above this crucial support level, LINK must close above the resistance level of $15.00 to confirm its bullish reversal.

Chainlink's Market Gains Momentum as Older Coin Shifts and Whale Activity Spike
Chainlink’s Market Gains Momentum as Older Coin Shifts and Whale Activity Spike. LINK/USD Weekly Chart, Image By: CoinMarket Cap

The market capitalization of Chainlink currently stands at $8.22 billion, making it the 12th largest cryptocurrency. This represents a significant gain of over 3% in the past 24 hours, while the daily trading volume is at $600 million.

Conclusion

Chainlink’s latest developments in coin movements and whale transaction activities have again put it in the spotlight in the crypto market. As the community and investors keep a close watch, these trends may pave the way for further analysis and predictions regarding the future trajectory of LINK’s value. Such events underline the interconnectedness of market activities and their potential impact on cryptocurrency prices.

Personal Note From MEXC Team

Check out our MEXC trading page and find out what we have to offer! There are also a ton of interesting articles to get you up to speed with the crypto world. Lastly, join our MEXC Creators project and share your opinion about everything crypto! Happy trading! Learn about interoperability now!

Join MEXC Creators Project or start your travel on MEXC

This article was contributed by our guest writer. Want to share something unique with over 10 million users? Check out the MEXC Creators program.

Join MEXC Creators
Register on MEXC Exchange

Glory Kathambi

Share your love to MEXC
Default image
Glory Kathambi