According to crypto analytics service Santiment, the number of large holders of LINK has been growing steadily and has already broken the record of 2017, when the cryptocurrency first became publicly traded. Thus, the number of whale wallets has reached 459, where each address holds at least 100,000 LINK, the equivalent of almost $700,000 at the moment.
🔗🐳 #Chainlink is seeing its number of whale addresses continue rising as prices touched above $7.00 Sunday. The amount of addresses holding $700,000 or more sits at 458 addresses. This is the most since 2017, its opening year of public trading. https://t.co/H9j3SteMEk pic.twitter.com/G9qAny4NLA— Santiment (@santimentfeed) October 23, 2022
A broader picture on Chainlink, cited by the same source, states that since March this year, medium-to-large holders of the cryptocurrency have invested $312.7 million to buy 47.31 million LINK.
Chainlink (LINK) price action
During the last particularly brutal months of the bear market, LINK, like many other cryptocurrencies, has been trading in a certain price range, $6 to $8.5 in this case. In contrast, against Bitcoin, LINK is up 75% since the beginning of May.
Overall, the price action of LINK is indicative of the project's sufficient strength, as reflected in the chart. This is indirectly confirmed by the words of former Google CEO Eric Schmidt, who stated that Chainlink has better technology and scalability than its competitors.
LINK itself is trading 85% below its all-time high of $6.9 per token. Given the cryptocurrency's fundamental and technical characteristics, whether LINK can hold its own in this market and thank its adherents in the future does not seem debatable.