The price of LINK appears to be gaining bullish momentum once again after a period of consolidation. Despite the recent slowdown, the cryptocurrency has held onto its gains and remained above the $14 level.
The recent surge above $16 raises the question of what is driving this latest move.
On-Chain Data Reveals Catalyst For Chainlink’s Jump To $16
Santiment, a crypto analytics firm, has provided insight into the catalyst behind LINK’s price increase. According to their data, large wallets holding Chainlink tokens have been making significant purchases in the past few days.
In the last three days alone, these whales bought around 3.9 million tokens, worth over $62 million. This accumulation of tokens by major investors indicates their confidence in the asset and their belief in its future price growth.
Is LINK Outperforming Bitcoin?
At the time of writing, the LINK token is valued at $16.11, showing a nearly 2% increase in the past 24 hours. Over the past week, it has risen by more than 7.5%, according to CoinGecko.
Chainlink’s performance over the last few months has been impressive, with its market capitalization increasing by over 143% in five months. What’s even more noteworthy is that LINK has outperformed Bitcoin in terms of market cap by over 93% during this period.
Despite this achievement, Bitcoin remains the top cryptocurrency with a market cap of $772 billion, while LINK ranks as the 12th-largest asset with a market capitalization of $9 billion.
Hot Take: Chainlink’s Whales Drive Price Surge
The recent surge in Chainlink’s price to over $16 can be attributed to significant token purchases by large investors. This accumulation trend is a positive sign for LINK’s price trajectory, as it indicates the confidence and belief of major holders in the token’s future growth.
Moreover, Chainlink has outperformed Bitcoin in terms of market cap by over 93% in the past five months, despite Bitcoin’s own positive run. However, Bitcoin still maintains its position as the top cryptocurrency with a much larger market cap compared to LINK.
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