Chainlink Soars as Whales Buy 8.5M LINK in 6 Weeks; Santiment Reveals Additional Surge Factors

Highlights:

• Chainlink has recorded a considerable price upswing following massive whale accumulations.
• Santiment spotlighted several other factors pushing LINK’s price ascent aside from whale activities.
• Chainlink has a selling price of about $12, with reasonable spikes across specific price change periods.

According to renowned data intelligence platform Santiment, Chainlink’s (LINK) price has soared considerably following massive whale accumulations. In a recent tweet on its verified X handle, Santiment revealed that large investors procured 8.5 million LINK in six weeks.

In a more in-depth insight, explaining whale actions, Santiment noted that LINK whales held the least amount of tokens on August 15. Per the data analytical firm, these large investors owned 685.5 million LINK as of mid-August. However, in the most recent statistics, the coin holdings have soared to a whopping 694 million, explaining the 8.5 million token accumulations in six weeks.

Describing the activity surge above, Santiment ascribed it as one of the most rapid jumps in token accumulations over the past three years. As the token accumulations soared, whale transaction counts will likely mirror a similar path.

Per the blockchain intelligence firm, a transaction can only qualify as a whale’s when it is worth over $100K. Santiment noted that the large investors’ transaction count metric has also soared considerably. However, it hit a peak level around late September. The soaring variable underscores potent institutional and high net-worth individual interests.

$LINK to $150+, easy. Gonna need the Link marines to blow up the timeline with how big of a run we’re about to go.#Chainlink is PUBLICLY endorsed by the largest settlement clearing house (DTCC) for Financial Institutions and you not even holding some $LINK?
N.G.M.I

NFA, Like… pic.twitter.com/RjQkWpupyF

— Sam | Global Macro Investor 🌐 (@ProdDesignerSam) September 25, 2024

Meanwhile, aside from the whale actions, the data intelligence outlet highlighted several other factors driving LINK’s recent spikes. This insight shall contain an overview of Santiment’s insight. In addition, it will highlight other relevant price statistics that would aid readers in understanding Santiment’s submission.

LINK’s Other Price Appreciation Drivers

Per Santiment, Chainlink’s price actions have done significantly well against Bitcoin’s (BTC). Notedly, during its rally, LINK outperformed BTC by about 8.5%. The data intelligence firm mentioned that the improved market performance relative to BTC has become common among altcoins following last week’s Fed rate cuts.

In addition, the Mean Dollar Invested Age graph – a metric describing the mean age in which tokens have stayed in Chainlink wallets experienced a sudden drop on September 19. The spontaneous decline Implies a good prognosis, signifying the reactivation of coins that have been sitting idle for an extended period. Santiment noted that idle coins return in circulation often indicates reignited confidence among long-term investors. Therefore, it could successfully pass as a bullish indicator factor.

In the “Network Realized Profit/Loss (NRPL)” index, Santiment stated that the variable has gradually tilted towards profitability. Impressively, the data intelligence firm claimed that long-term investors now see more profits than losses. Therefore, selling pressure will likely drop as traders expect higher prices for market gains.

Finally, Santiment highlighted Market Value to Realized Value (MVRV) ratios, citing growth potential. According to the data intelligence outlet, the short-term (30-day MVRV) and longer-term (365-day MVRV) sat at unfavorable positions for most of September. However, the 30-day average returns recently jumped by about 9.2%. If the spike gets above 15%, chances abound that a massive breakout might be imminent.

🔗📊 Chainlink's recent price breakout has come on the backs of whales accumulating over 8.5M LINK in the past 6 weeks. Our featured article breaks down the enthusiastic community, spikes in on-chain activity, & more for the #14 ranked cryptocurrency! 👇 https://t.co/SEE0gMKSHY pic.twitter.com/E26cc9qUSd

— Santiment (@santimentfeed) September 25, 2024

Chainlink’s Price Actions Amid Whale Accumulations

At the time of writing, Chainlink is changing hands at approximately $12.24, reflecting a 1.06% upswing in the past 24 hours. Contrary to its selling price upswing, LINK’s trading 24-hour trading volume is down by approximately 4.43% with a $317.8 million valuation. Remarkably, the token ranks as the fourteenth most valuable cryptocurrency with $7.67 billion in market capitalization.

Aside from the subtle 24-hour price change jump, other extended period variables reflected upswings, underscoring a booming network. For context, LINK’s 7-day-to-date, 14-day-to-date, and 30-day-to-date statistics saw increments of about 9.9%, 15.7%, and 3%, respectively.