Chainlink‘s (LINK) price has reached its highest level in the past 3 months, surging over 20%. The increased trading volume and whale transactions indicate a high level of interest and active accumulation in the LINK market. The effectiveness and strategic growth of the ecosystem also contribute to the positive sentiment towards LINK among investors.
Trading Volume Soars Alongside Chainlink’s Price
Chainlink’s native asset LINK has outperformed the rest of the cryptocurrency market in consolidation, with a 20% increase in the past 24 hours. LINK is currently trading at $8.27 with a market capitalization of $4.45 billion. The significant increase in trading volume, which has seen a surge of over 787% in the past 24 hours, has resulted in the price of the altcoin reaching its highest level in 3 months.
According to on-chain data provider Santiment, Chainlink has become the 3rd most trending topic in the cryptocurrency market due to its impressive performance. The on-chain volume for LINK has reached its highest level of the year at $347.72 million. The data suggests that FOMO (fear of missing out) could be the only obstacle preventing LINK from reaching $10.
Whales Quietly Accumulating LINK
Chainlink’s price has been consolidating between $6 and $8 for a significant period, indicating this range as an accumulation zone for investors. However, the recent increase in trading volume and whale transactions indicates a growing interest in the altcoin among investors and market participants.
Data suggests that crypto whales, who are large-scale investors, play a significant role in the LINK market, and wealthy LINK holders are increasing their wallet balances. This indicates that major crypto investors have been quietly accumulating LINK for a long time. Despite the lack of significant price movement, the increasing trading volume and the high accumulation by large investors suggest the possibility of a much larger explosion in the future.
Furthermore, there is a high level of activity within Chainlink’s ecosystem, making it a favorite among market investors. Chainlink, a leading oracle service provider for blockchain systems, contributes to the positive momentum in price through its Chainlink BUILD program, which focuses on strategic growth.
