Chainlink Age Consumed Metric Indicates Increased Activity
Data from on-chain analytics firm Santiment reveals that Chainlink (LINK) has experienced a surge in movement from old coins. The “Age Consumed” metric, which tracks the transfer of dormant Chainlink tokens, has seen a significant spike recently. This indicates that long-term holders (LTHs) are breaking their dormancy and engaging in transactions.
The chart below illustrates the trend in Chainlink Age Consumed over the past few months, showing increased activity from whales and staking pools:
Link Price Recovers After Recent Drawdown
Although Chainlink briefly dropped to around $13.7, the asset has already rebounded and is currently trading at approximately $14.7.
Hot Take: Chainlink’s Active Long-Term Holders Signal Bullish Sentiment
The recent surge in Chainlink’s Age Consumed metric suggests that long-term holders have become active, indicating a bullish sentiment for the asset. As these holders typically remain quiet regardless of market conditions, their decision to engage in transactions is significant. This increased activity could be attributed to the launch of staking v0.2 on the Ethereum blockchain, attracting LTHs to migrate towards new staking pools. With Chainlink’s price recovering after a minor drawdown, it appears that investors remain optimistic about its future prospects.
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