Chainlink outpaced the sector last week with a robust gain. According to on-chain statistics, this is why.
Chainlink Price Is Rising Sharply
LINK investors have had a great few weeks as the asset has virtually quadrupled in value since November. The coin had a setback at the start of the week, but it has regained rapid bullish momentum in recent days.
This chart illustrates LINK's performance during the last several months:
The graph shows that Chainlink broke over $28 following a 47% surge from the week's low. The asset is the greatest performance among leading cryptocurrencies by market size, earning almost 22% weekly.
LINK is currently the 12th biggest in the industry by market valuation, barely ahead of Shiba Inu.
The following table shows that Chainlink's next competitor is Avalanche (AVAX). Its market worth is $3.5 billion more than LINK's, so a flip is unlikely unless positive momentum continues.
On-chain data may reveal what's driving the cryptocurrency's rise.
Sharks and whales have been accumulating.
Santiment, an on-chain analytics startup, wrote on X about how small and big organizations on the LINK network have behaved differently lately. The “Supply Distribution,” which tracks the total Chainlink a wallet group has, is relevant here.
Current address ranges of interest are 0 to 100,000 coins and 100,000+ coins. At the current currency rate, the 100,000 gap between groups is $2.8 million.
Sharks and whales—market investors—own addresses over this value. So, the group's Supply Distribution follows significant investors' activity.
The analytics business published this graphic comparing this metric to sharks, whales, and normal investors:
According to the graph above, tiny Chainlink investors have been selling for months, maybe because they didn't believe LINK would recover.
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