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As the cryptocurrency market consolidates, Chainlink (LINK) is making bold moves by turning its direction upwards. According to on-chain data, whale wallets in Chainlink have accumulated $10 million worth of LINK in the past three days.
Whales are Accumulating LINK
According to data provided by on-chain data platform Santiment, whale wallets holding LINK worth between $10,000 and $100,000 are actively accumulating. Currently, there are 3,127 wallet addresses in this category, which is the highest number since December 3, 2022.
On-chain data for the Chainlink network indicates an increasing interest in the altcoin over the past three weeks. While most altcoins were in the red last week, LINK stood out with an increase of over 6% in the past 24 hours and more than 3% overall.
Another positive development surrounding LINK is that despite the current price increase, investors are not seeking to take profits or sell. Current data shows a decrease in LINK reserves on cryptocurrency exchanges. Furthermore, Chainlink investors have withdrawn approximately 1.8 million LINK from exchanges in the past three weeks.
Chainlink Conducts Tokenization Tests with SWIFT
The increase in whale interest in Chainlink is largely due to SWIFT’s announcement on August 31 that they have successfully conducted tokenization tests with Chainlink, Citibank, and other financial institutions. Global payment processing platform SWIFT recently announced the results of transaction tests that facilitate the transfer of tokenized value among various public and private blockchains using the Chainlink infrastructure.
From an on-chain perspective, investors appear ready to reclaim the $10 level for LINK if the prevailing sentiment of expecting a significant drop in altcoins’ prices diminishes. This optimistic outlook is supported by Global Money Flow/Outflow Price data, which summarizes the buying price distribution among current Chainlink investors. The data indicates minimal resistance on the journey towards $10 once LINK surpasses the $6.50 threshold.
Recent data shows that approximately 67,300 wallet addresses collectively purchased 557 million LINK at an average price of $6.50. If these strategic individual investors align their trading activity with the bullish sentiments of larger investors, the price of LINK is likely to continue its upward trajectory, surpassing the $10 threshold. Such a potential increase would represent a gain of 57.72% based on current prices.
