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Chainlink has risen for four straight days since Aug. 5 and in the process regained the $20 price mark. Chainlink has steadily increased since Aug. 3 low of $15.43, reaching intraday high of $21.46 early Saturday.
At press time, Chainlink was trading up 8.25% in the last 24 hours to $21.04 and 32% weekly. As Chainlink price extended its rally, it witnessed a significant surge in large transaction volume, an indicator that highlights whale activity.
According to IntoTheBlock data, Chainlink's large transaction volume came to 60.76 million LINK or $1.21 billion, marking a 863% surge in the last 24 hours.
Chainlink whale and shark wallets are growing in number, as well as their collective holdings, Santiment observed in an Aug. 7 tweet. As LINK's price rose, whales and sharks added to their bags: 27 more 100,000 to 1 million LINK wallets were added since the start of August, representing a 4.2% increase. This holder class now holds 0.67% more of the entire supply as they increased their holdings since August's start.
With the $20 price mark now reached, eyes are on the $26 and $30 levels next.
Chainlink reserve launched
This week, Chainlink announced the launch of Chainlink Reserve, a new upgrade that focuses on creating a strategic on-chain reserve of LINK tokens.
Chainlink Reserve is intended to support the Chainlink network's long-term growth and sustainability by amassing LINK tokens through off-chain revenue from big organizations who have adopted the Chainlink standard, as well as on-chain service usage.
The reserve is an on-chain smart contract on Ethereum that functions as an extension of Payment Abstraction and stores a strategic reserve of LINK. It has already accumulated over $1 million worth of LINK, which is expected to gradually increase in the coming months as more revenue is converted into LINK and placed into the reserve.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team