Santiment, a prominent crypto analytics firm, has reported that Chainlink (LINK) is currently trading at $7.51, marking an impressive 30% surge over the past five weeks. This remarkable uptrend has caught the attention of market observers, with a particular focus on large investors who have aggressively accumulated LINK tokens.
Over the last week, wallets holding 100K to 1M LINK have collectively added $38.5 million worth of LINK to their portfolios. This accumulation by larger players suggests that their moves may hold more significance than the profit-taking actions of small retail traders.
The bullish momentum of LINK has captivated the interest of analysts and enthusiasts alike. In September, Chainlink closed with a bullish candlestick pattern, indicating the potential for a strong recovery. Large investors have acquired a substantial 5 million LINK tokens in just one week.
Data from Intotheblock further supports this bullish sentiment, showing a significant increase in active addresses. In the past month alone, large holders have amassed an impressive 16,195,796 LINK tokens, valued at approximately $121 million.
Chainlink’s Latest Adoption Update
One of the key drivers behind LINK’s exceptional performance is its latest adoption update. The project announced nine new integrations of five Chainlink services deployed on various blockchain networks, including Arbitrum, Avalanche, BNB Chain, Ethereum, Optimism, and Polygon. These integrations span DeFi and Web3 platforms, showcasing Chainlink’s versatility in the rapidly evolving blockchain space.
Moreover, Chainlink’s cross-chain interoperability protocol (CCIP) positions it as a crucial connector for the growing trend of real-world asset tokenization. Although Chainlink itself doesn’t tokenize real-world assets, it provides essential decentralized data and price oracles. Recent collaborations with SWIFT and the Australian bank ANZ have also focused on cross-chain capabilities involving real-world assets.
According to current LINK price predictions, the token is expected to rise by 6.24% and reach $7.96 by October 21, 2023. Technical indicators point to a bullish sentiment, with a Fear & Greed Index rating of 52 (Neutral). Chainlink has witnessed 18 out of 30 green days over the last month, with 5.80% price volatility.
The 200-day SMA is projected to rise to $7.07 by November 15, 2023, while the short-term 50-day SMA is estimated to reach $8.58 by the same date. The Relative Strength Index (RSI) currently stands at 56.44, indicating a neutral market position.
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