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On-chain analytics firm Santiment draws attention to Chainlink's significant growth in the last five weeks. Chainlink (LINK) was trading at $7.47 at the time of publication. According to Santiment, this is a 30% increase in the last five weeks.
Partly contributing to the rise, Santiment noticed an increase in the accumulation of tokens by shark and whale addresses coinciding with this timing. It was noticed that Chainlink's key stakeholder tier now has a six-year high in tokens as traders take profits.
This is as wallets with 100,000 to one million LINK tokens aggressively accumulated 5.12 million tokens in the last week alone. This is worth $38.5 million in monetary terms.
On the other hand, retail traders are moving coins at a mild profit, anticipating a price top that has not happened. Santiment noted that the moves of the whales are more relevant than those of small retail traders taking profits.
LINK began to increase on Sept. 11 after reaching lows of $5.95 and subsequently hitting highs of $7.95 on Sept. 30.
Tomiwabold OlajideSWIFT, the global messaging behemoth, revealed a successful blockchain experiment with Chainlink in September, strengthening its bullish outlook.
The Depository Trust & Clearing Corporation, the world's largest securities settlement system, was also announced to be exploring Chainlink CCIP to enable tokenized asset interoperability.
This caused Chainlink to close September in the green. Bulls continue to sustain momentum despite the declines seen in October, with on-chain data suggesting increased whale activity with rising active addresses.
The appearance of a golden cross on Chainlink's daily chart also boosts the bulls' narrative. A golden cross is a bullish chart pattern that happens when a short-term moving average (usually MA 50) crosses a long-term moving average (usually MA 200) from below.
Chainlink enjoyed four consecutive days in the green, beginning on Oct. 13, when the golden cross first appeared, reaching highs of $7.82 on Oct. 17.
Yuri Molchan
Vladislav Sopov
Dan Burgin
Alex Dovbnya