Chainlink's Rally Continues: What's Next for This Altcoin? - COINTURK NEWS
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Chainlink’s Rally Continues: What’s Next for This Altcoin?

8:38 am (29 days ago)
November 9, 2023

<a href="”>Chainlink’s (LINK) recent rally seems unstoppable. In the past 24 hours, LINK has surged by 8.60% to reach $14.54, nearing the $15 mark. This is the first time in 19 months that LINK has come close to the $15 level, increasing its weekly gains to 27% and monthly gains to 90%. So, what’s next for this altcoin? Let’s take a closer look.

Strong Chainlink Accumulation

According to data provider Santiment, the strong price increase of Chainlink shows no signs of slowing down and continues to outperform the rest of the cryptocurrency market in terms of market capitalization. Data indicates that dormant tokens are entering circulation, and wallet addresses holding between 10,000 and 10 million LINK are accumulating the cryptocurrency.

Analysts have already set a target of $20 for this altcoin. However, for LINK to reach this level, it needs to surpass the significant resistance level at $18. Moreover, amidst this massive price rally, LINK has climbed multiple ranks in the past few weeks and currently holds the position of the 12th largest cryptocurrency with a market capitalization slightly above $8 billion.

Increasing Institutional Participation

Interestingly, there are strong indications of increased institutional participation during this rally. The premium of Grayscale’s Chainlink Trust’s shares, known as GLINK, has surprisingly increased by 200% compared to the spot LINK market.

During the past week, the price of Grayscale Chainlink Trust (GLNK) has nearly doubled, closing at $44 from its October 31st level of $21. Each GLNK share represents just $12 worth of LINK, making it nearly three times more expensive than its underlying assets.

This significant difference was first highlighted by ChainLinkGod, a prominent influencer and Chainlink community ambassador, on November 7th. Data shows that the difference between GLINK and LINK has increased from about 100% to 200% during the recent Chainlink rally.

The significant difference between GLINK and LINK prices is attributed to the locked total value in GLINK, which has reached approximately $4 million, doubling in size. CoinShares reported that the product attracted $2 million in inflows over the past seven days. It is important to note that Grayscale Trust’s shares are securities and only available to sophisticated investors.

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