Crypto whales are growing active again, and according to the analytics firm Santiment, they are focusing on a single Ethereum-based altcoin — Chainlink. The project grew to be a high-ranking crypto thanks to its network of decentralized oracles, which collect data from off-chain sources and deliver it to the blockchain, where it feeds smart contracts and allows them to know exactly when the terms of the contracts have been met.
While LINK never lacked attention, the fact that whales are accumulating significant quantities of the token could start sending its price quite high.
Crypto whales have always had a massive influence on the crypto market. These wealthy investors would usually develop an interest in a token due to their own expectations of it, only for the rest of the crypto community to follow their lead and cause the demand to skyrocket, with the price following soon after.
Now, Santiment believes that the whales are after Chainlink, according to data collected earlier this week when the token witnessed its most active day in terms of whale activity since mid-June. This is important as whale activity often represents the key to sustained rallies, as the analytics firm noted.
LINK price rises as the rest of the market goes down with the stocks
The increase in activity has pushed Chainlink to become the 21st-largest crypto by market cap, with the price at the time of writing sitting at $7.65. However, the token’s price dropped by 6% in the 24 hours after it hit a monthly high of $8.48 yesterday, September 28th.
However, even with a situation like that, it is still around 15% up from where it was a week ago, which means that it outpaced most other tokens in the market during this same time period. Santiment’s analysis also led the company to believe that LINK might be breaking away from the stock market, as S&P 500 took a major nosedive recently, bringing Bitcoin, Ethereum, and most other altcoins down with it. But, even with that being the case, Santiment noted that Bitcoin trading volume has been heating up recently.
All of this suggests that the crypto industry might be preparing for a bull run that could finally end the crypto winter that started in mid-November 2021. After nearly a full year of price drops, the market could finally stabilize in the near future, or potentially even start seeing a more permanent recovery, which is something that the industry members have been hoping to see for months now.
In the end, there are no certainties, as the market is just as volatile and as unpredictable as ever. However, whale activity is a clear indication that wealthy investors are expecting a big change, and they are already acting on those expectations.
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