New data from market intelligence firm Santiment reveals that deep-pocketed Chainlink (LINK) holders have conducted their highest number of transactions in three months as the digital asset skyrockets.
In a new post on the social media platform X, the crypto analytics platform says that while altcoins have benefited from Bitcoin (BTC) redistribution, the decentralized oracle network has particularly done well, seeing over 226 whale transactions, 4,932 active addresses, and $802.2 million in volume on Saturday.
“Chainlink is on a tear this weekend, with the network seeing three-month highs in whale transactions, unique interacting addresses, and trading volume. Altcoins have been benefiting from BTC redistribution, but LINK has been a particular standout.”
Last week, Santiment reported that addresses holding between 100,000 and 1 million LINK scooped up $38.5 million worth of the digital asset in just one week.
Data from IntoTheBlock, another market intelligence platform, also found that LINK whales were gobbling up the asset as they acquired more than $121 million worth of Chainlink during the last month.
Crypto strategist Michaël van de Poppe says that LINK is currently showing bullish momentum but it is possible for Chainlink to pull back before it reaches $12.
“In that case, we’re seeing a breakout above the range high and a new yearly high. If we get some dips (as people will start taking profits around these zones), I’d be interested to buy between $8-$8.50, before we’ll see $12.”
Chainlink is trading for $10.67 at time of writing, up over 40% in the last week.
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Featured Image: Shutterstock/Joy Chakma