- Whale accumulation boosted Chainlink’s price amid a bearish market.
- Development activity surged, with new collaborations on the rise.
Despite a generally bearish market in the past month, Chainlink [LINK] has displayed some positive movement in its price recently. This has largely been attributed to the increased accumulation of LINK tokens by whales.
Realistic or not, here’s LINK’s market cap in BTC terms
Let the accumulation begin
Santiment’s data indicated a significant surge in whale accumulation within Chainlink’s ecosystem. These large wallets, which hold between 10,000 to 100,000 LINK tokens, were particularly active. Their number reached 3,127, the highest recorded since 3 December, 2022.
In just three days, these wallets added an impressive $9.6 million worth of LINK tokens to their holdings.
Source: Santiment
The intensified accumulation of LINK tokens by these key players in the crypto market held potential implications for the future of the LINK coin.
However, it’s important to note that while this development provided a momentary boost to LINK’s price, the overall outlook for the cryptocurrency remains cautious.
Over the past month, LINK’s price experienced a decline of 24.43%. Throughout this period, the price chart exhibited consistent lower lows and lower highs, indicating a bearish trend for the token.
Although the recent price increase is notable, it has not been substantial enough to establish a clear bullish trend. As of the time of writing, LINK was trading at $6.1417.
Analyzing key indicators, the Relative Strength Index (RSI) was relatively high, sitting at 61.29. This suggested that the momentum in the price movement favored the bulls. Additionally, the Chaikin Money Flow (CMF) indicator also indicated a strong inflow of capital into the LINK market, reinforcing the bullish sentiment.
Source: Trading View
More developments
However, it’s worth noting that the Chainlink network witnessed a decline in both its growth and velocity. This decline could have negative implications for LINK’s overall performance.
On a positive note, Chainlink experienced heightened development activity during this period. This suggested that new updates and upgrades for the Chainlink network could be on their way.
Read Chainlink’s Price Prediction 2023-2024
Source: Santiment
Along with a growing number of developments, a rising number of collaborations can also help the protocol grow. The recent integration of Chainlink Price Feeds on Arbitrum by Balancer can potentially attract more participants to the LINK token ecosystem.
Partnerships like these can play a crucial role in enhancing Chainlink’s position and utility within the broader blockchain landscape.
.@Balancer has integrated #Chainlink Price Feeds on @Arbitrum to help secure its LST composable stable pool.
Explore why Price Feeds are necessary to securely operate a tri-token pool for correlated assets ⬇️https://t.co/g8ZSBRw1Sz
— Chainlink (@chainlink) September 6, 2023
