LINK poised for breakout as Chainlink whales continue to accumulate

By:
on Oct 31, 2022
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  • Chainlink’s LINK jumped as much as 8% as price hit a 7-day high around $8.25
  • Santiment data shows whales bought more than $33 million worth of LINK this past weekend.
  • A crypto analyst says Chainlink looks poised for a breakout

Chainlink (LINK/USD) has traded to highs of $8.25 across major crypto exchanges in the past 24 hours, with gains over the period coming amid fresh accumulation from whales.

LINK/USD jumps over 8% after massive whale activity

According to market intelligence platform Santiment, on-chain data shows LINK whales were extremely active over the weekend. The platform notes that whales registered a total of 33 different transactions, each valued at more than $1 million.

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“Chainlink whales have gotten quite active this weekend as market prices have teased the $8 level a few times. Saturday saw 33 different $LINK transactions exceeding a value of $1 million. This was the highest whale activity day since June 27th.”

Chainlink’s intraday high of $8.25 as of writing is a 7-day high as shown on CoinGecko.

For price prediction, pseudonymous crypto analyst Altcoin Sherpa says not so many coins look as good as LINK at the moment. The analyst says this could be the best time to buy Chainlink when targeting a major rip in the next few weeks. He tweeted:

“$LINK: I don’t think there are many coins that look as good as #Chainlink on high time frame charts. It’s been accumulating for months now and everything is tightening up. If you want a trade where you buy it and let it ride for a few weeks, this is 1.”

Chilliz leads altcoin gainers

The upside for the Chainlink token also follows similar moves across the top of the crypto market chart, with Bitcoin ticking close to $21,000 and Ethereum nudging above $1,620. Other leading altcoins as peer market cap also moved higher on Monday – BNB, Solana and Avalanche all added to their 24-hour prices.

But among the top 50 coins, only Chilliz (CHZ/USD) with more than 15% in intraday gains at the time of writing, was seeing more upside than Chainlink.