Chainlink has risen for four straight days since Aug. 5 and in the process regained the $20 price mark. Chainlink has steadily increased since Aug. 3 low of $15.43, reaching intraday high of $21.46 early Saturday.
At press time, Chainlink was trading up 8.25% in the last 24 hours to $21.04 and 32% weekly. As Chainlink price extended its rally, it witnessed a significant surge in large transaction volume, an indicator that highlights whale activity.
According to IntoTheBlock data, Chainlink’s large transaction volume came to 60.76 million LINK or $1.21 billion, marking a 863% surge in the last 24 hours.
Chainlink whale and shark wallets are growing in number, as well as their collective holdings, Santiment observed in an Aug. 7 tweet. As LINK’s price rose, whales and sharks added to their bags: 27 more 100,000 to 1 million LINK wallets were added since the start of August, representing a 4.2% increase. This holder class now holds 0.67% more of the entire supply as they increased their holdings since August’s start.
With the $20 price mark now reached, eyes are on the $26 and $30 levels next.
Chainlink reserve launched
This week, Chainlink announced the launch of Chainlink Reserve, a new upgrade that focuses on creating a strategic on-chain reserve of LINK tokens.
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Chainlink Reserve is intended to support the Chainlink network’s long-term growth and sustainability by amassing LINK tokens through off-chain revenue from big organizations who have adopted the Chainlink standard, as well as on-chain service usage.
The reserve is an on-chain smart contract on Ethereum that functions as an extension of Payment Abstraction and stores a strategic reserve of LINK. It has already accumulated over $1 million worth of LINK, which is expected to gradually increase in the coming months as more revenue is converted into LINK and placed into the reserve.