Chainlink Shows Growth With 7% Gain Thanks To Big Whales

Key Points:

• Chainlink’s price rises 2.75% to $7.36, outpacing Bitcoin’s consolidation, with a 22% monthly gain.
• Whales collect $192.2 million in LINK, while Chainlink ranks among top 5 most active GitHub assets, hinting at further growth.
• LINK eyes a rebound to retest $8.47 highs, with $9.46 presenting a formidable challenge, as technicals and accumulation bolster its potential.

Amidst the ongoing struggle of the bulls to reignite a bullish trend in the markets, Bitcoin (BTC) remains ensnared within a stagnant range. However, an intriguing twist unfolds as altcoins take center stage, with Chainlink leading the charge in a surging bullish momentum.

LINK’s price currently demonstrates a 7% surge in two days, reaching $7.34 while boasting a market capitalization of $3.95 billion. Impressively, despite the broader crypto market’s consolidation, LINK has soared over 22% in the past month, drawing attention from major market players.

Of particular interest is the consistent accumulation of LINK by both shark and whale addresses amidst the coin’s persistent fluctuations. The LINK price has repeatedly encountered resistance, just shy of the $10 mark, since the rally setback in May 2022. While various altcoins have made strides in recovering their positions, Chainlink steadfastly trades within the $6 to $8 range. Notably, heightened trading volume indicates an impending surge on the horizon.

Noteworthy developments on the technical front include Chainlink‘s robust activity on GitHub this summer, elevating it to the top 5 most actively developed assets. Meanwhile, significant holders, colloquially known as whales and sharks, wielding 100K-10M LINK have amassed their largest reserves since December 2022. Their acquisition surpasses $192.2 million worth of LINK in under a month, according to Santiment.

Projections suggest that the LINK price, previously rejected near interim highs of approximately $8.47, is poised for a rebound and a retest of these levels in the coming days, underpinned by bullish indicators. Beyond this lies a substantial hurdle at $9.46, an obstacle unbroken for over a year. With Chainlink’s ascending development trajectory and heightened accumulation, the altcoin’s journey toward renewed highs seems promising.

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