Over the past 30 days, the price of Chain Link [LINK] has been on a steady uptrend. In fact, since hitting a local low of $10, the price chart of this altcoin has risen significantly.
But not only that, #LINK has distinguished itself from other #altcoins on the market during this period. In other words, LINK has advanced on its own compared to other altcoins. Thanks to this, the altcoin managed to break through the resistance level of $13.65 for the first time since July.
After #bitcoin soared to a new mark of $76,000, LINK followed suit and the BTC/LINK exchange rate also rose. In the last hour, the BTC/LINK exchange rate fell by 0.46%, and in just the last 24 hours, it fell by 4.61%.
simply put, this indicates that LINK is in high demand or has better price performance than #BTC in the short term. Furthermore, the three-month correlation between Chain Link and Bitcoin was 0.72 at the time of publication. This means that LINK and BTC have been following roughly the same trend over the past few months.
Given LINK's growing strength against other altcoins and bitcoin, the question arises as to what is driving this trend.
According to Santimento, whale activity and the savings of large holders have played a large role in LINK's recent rise. Thus, the main driving force behind the altcoin's recent growth is the increase in whale activity.
According to Santiment, large holders with balances between 100,000 and 10 million LINK tokens have increased their holdings. In the past seven weeks alone, these whales have accumulated LINK worth $369.8 million.
This surge represents an 8.2% increase in whales, and whale indicators are currently at a three-month high. Whale accumulation usually indicates that investors expecting further gains on the price chart are confident in the asset's long-term prospects.
This is evidenced by the surge in inflows from large holders.
According to IntoTheBlock, inflows from large holders have increased from a local low of 1.49 million LINK tokens to 2.
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