In a notable upswing, Chainlink (LINK) has experienced a substantial upswing in recent weeks, propelled by heightened network activity and a resurgence in the broader cryptocurrency market following months of stagnation.
Surpassing $16, the altcoin achieved its highest value since April 2022.
While it retraced some gains in subsequent weeks, the enduring enthusiasm for this cryptocurrency is evident, particularly as crypto whales continue to show interest, adding momentum to LINK’s intriguing trajectory.
2,600 whales bought over $100,000 LINK each
As pointed out by prominent analyst Ali Martinez on November 29, LINK has been drawing increasingly stronger attention among the crypto whale population.
Notably, the altcoin saw “its largest spike in whale transactions for the year, with over 2,600 transactions exceeding $100,000 each,” said Martinez in his X post.
Typically, a robust crypto whale interest is considered a positive indicator for an asset’s price, because it signals a strong vote of confidence in its potential.
Their involvement suggests strategic positioning based on positive market outlooks or fundamental developments, serving as an influential indicator for other investors.
Additionally, the entry of whales can contribute to increased liquidity and heightened market activity, influencing the overall sentiment and trajectory of the cryptocurrency.
In several instances in the past six months, sharp spikes in whale transactions preceded a rally in Chainlink’s price. Such examples occurred in July, October, and earlier this month.
Although the number of whale transactions surpassing $100,000 and higher was relatively low when compared to November 28, it preceded a surge in LINK price within a 2-3 day timeframe.
LINK price analysis
Chainlink was changing hands at $14.74 at the time of publication, up 3.31% in the past 24 hours.
The altcoin gained 4.3% on the week and more than 33.8 across the past month, adding almost $2 billion in its market cap during this period.
Year-to-date, the cryptocurrency rocketed over 165%, outshining the Bitcoin’s (BTC) 130% surge.
In his analysis last week, Martinez indicated that LINK was poised for a potential breakout from a bull flag pattern. More precisely, the cryptocurrency was anticipated to revisit the breakout zone around $14 before possibly advancing toward the $20 mark.
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