Chainlink's native token, LINK, has failed to fix at the $8.35 level reached yesterday. However, its trading volume has soared, pushing it back to the top 10 list, according to WhaleStats crypto wallet tracker.
Traders begin selling LINK
According to a recent tweet by Santiment, a large number of traders decided to sell their LINK stashes after buying them on the dip. Yesterday, LINK managed to hit a local high of $8.35, giving many traders a chance to make some profits.
Santiment analytics team noted that there were 4x the amount of transactions with LINK to be seen.
🔗 #Chainlink's price jump to $8.35 has given many traders a long-awaited opportunity to move coins while in profit after many bought the dip. There are 4x the amount of transactions happening while addresses are in profit vs. at a loss. https://t.co/9XdTae5N9e pic.twitter.com/Tdh6PNRDhY— Santiment (@santimentfeed) September 28, 2022
This pushed LINK back to the top 10 list of assets by trading volume, per data shared by WhaleStats. As of this writing, the top 100 BSC investors are holding $7,344,617 worth of Chainlink. This is merely 0.88% of their comprised portfolio.
JUST IN: $LINK @chainlink is back on top 10 by trading volume among 500 biggest #BSC whales in the last 24hrs 🐳— WhaleStats - the top 1000 BSC richlist (@WhaleStatsBSC) September 29, 2022
Peep the top 100 whales here: https://t.co/f4ZJg8SIWe
(and hodl $BBW to see data for the top 500!)#LINK #whalestats #babywhale #BBW pic.twitter.com/vx7QK0INeF
Here's what pushed LINK price way up
By Sept. 28, another recent tweet by Santiment suggests, the activity of LINK stake holders had risen significantly. This allowed LINK to start growing in price despite the overall red crypto market, pushing it above the $8 line.
This price rise led Santiment experts to believe that LINK had been sort of decoupling from other cryptos in the market for the past 10 days.
However, the coin failed to hold at the achieved price level. At the time of this writing, LINK is changing hands at $7.77, having lost nearly 4% in the past 24 hours, according to CoinMarketCap data.