Chainlink 
$9 (LINK) recently halted its upward trajectory after reaching a peak of $24.74 on August 13, experiencing a notable 11% pullback. Currently trading at $22.29, the altcoin‘s price movement is capturing the interest of significant stakeholders. On-chain data reveals that high-net-worth addresses perceive the recent price dip as a buying opportunity, showing a trend of accumulating LINK.
Record Transaction Volume Among LINK Whales
On-chain analyses have highlighted a surge in LINK transfers exceeding the value of $100,000, with transactions reaching a seven-month high. On August 14, a total of 992 substantial transactions were recorded. This whale activity pushed the price to as high as $24.31 before a mild decline set in.
Current reports indicate 232 whale transactions each worth over $100,000 have been documented. Despite some market turbulence, big wallet holders maintain their interest in LINK, showcasing continued enthusiasm within the cryptocurrency community.
“Chainlink has increased by almost 40% in the past week due to whale activity, reaching whale transaction levels not seen in seven months. Remarkable profits, absent in the market for some time, are now in focus. An active address movement on-chain, not witnessed in eight months, is notable.” — CryptosRUs
Increased Activity and Rising Network Engagement
According to Santiment data, the number of daily active Chainlink addresses has significantly risen recently. Evaluating based on a seven-day moving average, these address numbers have increased by 55% since the start of August.
This trend suggests that not only major investors but also the broader investor base is showing increased interest in LINK. Despite recent market volatility, demand for this altcoin remains strong within the community.
Analyses suggest that if the rise in on-chain activity continues alongside maintaining the support level, LINK prices may climb higher.
Future Expectations for LINK Price
If the increase in active addresses and sustained interest from large investors continues, the $22.21 level could emerge as a strong support. Experts indicate that if this support holds, LINK’s price might rise to $25.55.
Conversely, if the $22.21 support threshold is breached, a decline to $19.51 is anticipated. The market’s direction will be shaped by both on-chain data and general investor sentiments.
“I regard LINK as one of the tokens to watch right now. With recent whale activity and the growing number of network users, there is potential for significant price movements.” — George, CryptosRUs
