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Chainlink, one of the leading projects in Blockchain, seems to be outperforming the rest of the market with its native token LINK. According to on-chain analysis provider Santiment, LINK is on the rise, and this could be due to dormant wallets becoming active again.
Chainlink Wallet Movements and LINK Price
Data shared by Blockchain analysis firm Santiment on February 2nd indicates that LINK has outperformed other altcoins and took the spotlight;
Some wallets that were previously inactive have created the highest Age Consumed spike.
This calculation presented by Santiment is performed by multiplying the number of days LINKs in wallets remained inactive. Santiment’s statement was as follows:
This flow of LINK returning to the network’s circulation has likely contributed to the price increase.
Santiment researchers also revealed that there were exits from small-scale wallets in the Chainlink network and added:
This is usually a sign of FUD that could contribute to further price increases.
What is Chainlink’s Current Price?
The price breakout occurred after the opening of Asian markets on Friday morning. Following the start of the session, LINK rose to its intra-day and 22-month high of $18.13. LINK surpassed $18 for the first time since April 2022. The next major resistance level for the price seems to be at $28, seen in January 2022.
According to data provided by 21milyon.com, this significant price movement has resulted in a 30% profitability for Chainlink over the past seven days. Moreover, LINK’s market value has risen above $10 billion, overtaking Tron (TRX) and settling in the twelfth position.
The price movement in Chainlink and the resulting FOMO are largely associated with the momentum created by real-world asset tokenization. On February 2nd, the network’s X account reminded its followers that it is the industry leader in this sector.
Traditional financial institutions need data, computation, and cross-chain capabilities to adopt blockchains and tokenized RWAs on a large scale. Only the Chainlink platform provides all three.
On February 1st, trader and analyst “Satoshi Flipper” commented on the first cross-chain trade protocol called Xswap, supported by Chainlink’s CCIP. The crypto provider had launched the Cross-Chain Interoperability Protocol (CCIP) in July to facilitate seamless cross-chain transactions.
