New data from market intelligence firm Santiment shows that deep-pocketed Chainlink (LINK) holders have executed the highest number of trades in three months as digital assets skyrocket.
In a new post on social media platform X, the crypto analytics platform say that while altcoins have benefited from Bitcoin (BTC) redistribution, the decentralized oracle network has done particularly well, with over 226 whale transactions on Saturday, 4,932 active addresses and a volume of $802.2 million.
“Chainlink is in turmoil this weekend, with the network recording three-month highs in whale transactions, unique interaction addresses and trading volumes. Altcoins have benefited from BTC redistribution, but LINK was a particular highlight.”
Last week, Santiment reported that addresses with between 100,000 and 1 million LINKs had amassed $38.5 million worth of digital assets in just one week.
Data from IntoTheBlock, another market intelligence platform, also showed that LINK whales gobbled up the asset when they bought more than $121 million worth of Chainlink last month.
Crypto strategist Michaël van de Poppe says that LINK is currently showing bullish momentum, but it is possible that Chainlink pulls back before the price reaches $12.
“In that case we see a breakout above the range high and a new annual high. If we get some dips (as people start making gains in these zones), I would be interested in buying between $8 and $8.50 before we see $12.”
Chainlink is trading at $10.67 at the time of writing, up more than 40% in the past week.
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Featured image: Shutterstock/Joy Chakma