Reasons Why Chainlink (LINK) Surged to 3-Month High
Despite the volatile markets, Chainlink (LINK) broke above $9.20 for the first time since August this year, recording a three-month high.
The latest price appreciation was triggered by massive activity stirred by LINK wallets over the past five weeks.
- As per the crypto-analytic platform Santiment’s latest data, traders are “longing” LINK “aggressively.”
#Chainlink spiked all the way above $9.20 for the first time since August 13th, a ~3 month high despite very volatile markets. This rise has been supported by the largest amount of active $LINK addresses in 5 weeks, and traders are longing aggressively. https://t.co/ZxsZnveURm pic.twitter.com/lia6XAgSar
— Santiment (@santimentfeed) November 8, 2022
- Chainlink has been seeing strong whale accumulation and address activity since the beginning of this year. Sharks and whale addresses, holding 10,000-1 million LINK, have continued to pile up tokens during the bear market, which typically signifies investors’ bullishness.
- Even as one cohort of investors – whales holding between 10,000 and 100,000 LINK – offloaded their tokens earlier last month, LINK addresses holding between 100,000 and 10 million coins, on the other hand, were also accumulating. This managed to lessen the sell-off blow.
- The oracle service provider recently announced 14 integrations across four chains, namely Arbitrum, BNBChain, Ethereum, and Polygon, which could have aided the ongoing pump.
- On the NFT side of things, Chainlink partnered with Seedify Fund, which will act as a major incubator and launchpad for blockchain games, NFT, and metaverses.
- To strengthen its position and transform as the AWS in the Web 3 space, Chainlink announced plans to launch staking in December.
- While speaking at the SmartCon 2022, its co-founder Sergey Nazarov also unveiled a new economic model for the Web3 services platform.
- Besides, Chainlink’s oracles have increased to nearly 1,000 – a 30% jump since January. The number of projects integrating its services has also upped from 1,000 to 1,500 during the same period.
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