Chainlink's Remarkable Rise: Fueled by Major Wallet Accumulations
Santiment's analysis has shed light on the key drivers behind the recent spike in LINK's value, identifying significant acquisitions by large holders as the primary catalyst for this surge.
Wallet Accumulation Sparks Chainlinkâs Price Surge
The unexpected acquisition of 40,180,000 LINK tokens by the top 200 Chainlink wallets on October 17 played a pivotal role in the cryptocurrency's value increase. This strategic accumulation happened when LINK was priced at a modest $7.40, but soon after, a significant rally ensued, pushing the price towards $14.60. Santiment's detailed examination highlights the crucial influence of these wallets in shaping LINKâs market trends.
Just two days following this substantial accumulation, Chainlink experienced a remarkable 125% rise in value within a mere 25-day period, soaring to a new high of around $14.60. The strategic insight of these top wallets during the initial accumulation phase was instrumental in propelling Chainlink to these new heights.
Continued Influence of Large Wallet Holders
Santiment's analysis goes beyond the rally. It points out that these major holders did not sell off their LINK tokens even after the price surge. The continued high-level holdings by these top 200 wallets indicate a sustained confidence in Chainlinkâs potential and a persistent upward trend among key market players.
The deliberate moves of these large wallets have become a defining factor in Chainlinkâs price trajectory. Santimentâs real-time analysis highlights the interplay between wallet accumulation, market sensitivity, and the subsequent price rise. At the time of this writing, LINK is trading at $14.23, demonstrating the lasting impact of these strategic holdings in the cryptocurrency market.
