Institutions Go All In: Chainlink 30% Rally Makes It The Hot Investment Trend
February 05 2024 - 12:00PM
NEWSBTC
In a notable shift away from Bitcoin, altcoins have garnered the
attention of investors, leading to a slight increase in market
caps, despite an overall decrease in trading volumes. Among the
altcoins, Chainlink (LINK) has emerged as a standout performer,
displaying impressive resilience and attracting substantial holders
and institutions. Chainlink Surges, Whales Accumulate Amid Market
Shift Chainlink, known as the leading Oracle network in the
blockchain space, has not only outpaced the broader market but has
also demonstrated impressive individual performance. Over the last
24 hours, LINK has experienced a noteworthy surge, with a 6.1%
increase in value and a striking 30% rise in the weekly chart.
Currently ranked 11th among altcoins, LINK boasts a 24-hour trading
volume of $3.31 billion and a market capitalization of $10.21
billion. LINK price action. Source: Coingecko 📊 #Crypto market caps
have edged up +0.5% over the past week, despite trading volumes
dropping off -20.3% compared to the week prior. Highlight assets
have included $FLR, $RON, $LINK, $TAO, and $RNDR. #Bitcoin
continues seeing less attention as eyes turn to pumping #altcoins.
pic.twitter.com/jMvJSTdV7c — Santiment (@santimentfeed) February 5,
2024 According to recent data from Lookonchain, a significant
accumulation of LINK by a whale or institution has been observed,
as evidenced by the withdrawal of 119,583 LINK (equivalent to $2.15
million) from Binance within the past hour. This strategic move
indicates a growing confidence and interest in the long-term
potential of the token. Related Reading: Meme Coin Blues: Nearly
70% Of Shiba Inu Investors Underwater As Price Flops It seems that
a whale/institution is accumulating $LINK! We noticed 4 fresh
wallets withdrew a total of 119,583 $LINK($2.15M) from #Binance in
the past 1
hour.https://t.co/G09rO9rlwNhttps://t.co/Bby3SaN7cmhttps://t.co/0NowecVP2ahttps://t.co/dVX9K2CNeK
pic.twitter.com/KJsY0w7F5W — Lookonchain (@lookonchain) February 5,
2024 Interestingly, as Bitcoin loses ground, LINK deviates from the
prevailing market trend, indicating its unique position in the
current market landscape. One major impetus behind the altcoin’s
upward movement is the activation of previously dormant wallets
that had remained inactive for an extended period. This sudden
resurgence has led to the highest age-consumed spike of 5.38
billion, calculated by multiplying the coins moved by the number of
days those coins had been dormant. The reintegration of LINK tokens
into circulation is believed to have played a pivotal role in the
recent surge in their price. However, market analysts remain
cautious and are closely monitoring two crucial indicators in the
upcoming weeks to assess the token’s potential for sustained
growth. Chainlink currently trading at $19.66 on the daily chart:
TradingView.com Dormant Wallets And FUD Dynamics: LINK’s Monitoring
Keeping tabs on dormant wallets and seeing how they affect the
network’s circulation as a whole is the primary goal of the first
statistic. The activation of dormant wallets has proven to be a
significant driver of LINK’s recent price increase, and its
continued impact will be closely watched. A second indicator that
could cause wallet liquidations and have a further effect on the
price of LINK is the existence of FUD dynamics, which stand for
fear, uncertainty, and doubt. Analysts emphasize the importance of
vigilant observation and analysis to identify any signs of FUD and
its potential effects on the altcoin market. Related Reading: The
$50K Quest: Bitcoin Oracle’s Pre-Halving Proclamation Sparks
Excitement While Chainlink’s recent performance and accumulation by
institutions have bolstered its value, experts caution that the
sustainability of its price increase remains uncertain. Continued
monitoring of the movements of previously inactive wallets and the
potential impact of FUD will be crucial in determining the token’s
trajectory in the coming weeks. As the altcoin market continues to
evolve, Chainlink stands out as a cryptocurrency that has captured
the attention of investors and institutions alike. Its impressive
performance, along with the activation of dormant wallets, has
contributed to its surge in value. However, market analysts stress
the need for continued scrutiny and analysis to gauge the potential
for sustained growth in this dynamic market environment. Featured
image from Adobe Stock, chart from TradingView
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