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Decentralized oracle network Chainlink is gaining attention as its whale activity reaches its highest level in 14 months, fueling expectations of an impending major price move. Large transactions, which are those above $100,000 involving Chainlink (LINK), have increased significantly, with these reaching levels not seen in over a year, suggesting that whales might be making moves.
According to on-chain analytics platform Santiment, Chainlink has experienced the most whale activity in 14 months, with on-chain activity notably high below the $20 mark. As cryptocurrency prices fell, Santiment noted that Chainlink stood out as a network with a significant dip in buying from major stakeholders.
In its tweet, Santiment noted that 1,659 daily $100,000 LINK transactions are the most since 2023, and 9,531 active wallets the most in four weeks. Notably, 1,659 transactions of over $100,000 LINK were recorded in a 24-hour timeframe, which is the most since Dec. 6, 2023. A total of 9,531 unique active link addresses is also the most since Dec. 11, 2024.
Chainlink's recent rise in whale activity may be a major indicator of what is to come. Will this spark a major rally, or is a correction on the way? Chainlink, according to Santiment, may be worth keeping an eye on when altcoins recover.
Chainlink price action
Chainlink sharply dipped to a low of $16 in Monday's trading session, following two days of losses over the weekend. Traders bought the dip at this level, and LINK returned above $20.
At the time of writing, LINK had dropped 2.18% in the last 24 hours to $19.93 and was down 15% weekly. Chainlink is the 11th largest cryptocurrency, with a market cap of $12.77 billion.
LINK is consolidating between its daily MA 50 and 200, at $22.76 and $15.88, respectively, while waiting for a major move. Investors will be keenly monitoring these crucial levels to predict Chainlink's next move. A break in either direction might spell Chainlink's next price move. A shift to the upside would aim at $27 and $30, respectively.
U.Today Editorial Team
Dan Burgin
