Chainlink (LINK) has not slowed down on its bullish rally as dormant addresses resurface and whale accumulation intensifies, with key addresses amassing 26 million LINK worth $384 million.
Crypto analytics platform Santiment acknowledged Chainlink’s resilience that has sustained it as the 12th largest crypto by market capitalization. By its current price outlook, Chainlink is up 8.64% to $14.68, outpacing the broader market with a smaller surge of 2.80%.
Factors Behind Chainlink’s Market Decoupling
According to Santiment, the resurging addresses and sustained accumulation are worth watching here. Though these two trends are integral to Chainlink’s outlook, Santiment’s data highlighted the historic accumulation by addresses holding between 10,000 and 10,000,000 LINK.
Santiment pointed out that these addresses have stacked up a 4.7% of the overall supply of the token in the past 5 months. This translates to 26,171,948 LINK currently worth $384,204,196 ($384 million) against prevailing price.
This accumulation trend is notably haphazard, falling from its highest point in November last year to its lowest point in March. Though with slight deviations, the whale accumulation has soared from that low point to a new high today.
Previous reports confirm this trend as more than 27,150 addresses holding at least 1,000 LINK are resident on the network as of November 6. The contributions of these ecosystem members have solidified LINK’s push to form a crucial support above $14.5.
In addition, the growth curve in the average age of LINK in wallets has slowed. Since last November, the age of tokens in wallets has soared, showcasing the shift into dormancy. With the curve flattening from October 14 to date, it proves some of these tokens are coming back alive.
LINK Prospects Moving Forward
For Chainlink, its current uptrend is just getting started. With the token down 72.37% from its ATH of $52.88, there’s a high growth potential. At the moment, LINK has a market capitalization of $8,294,262,693 and a trading volume of $1,162,022,100, up 48.95%.
Besides regular whale address trends and general social sentiment, Chainlink has the fundamentals to sustain its growth traction. Among the latest innovations include its upcoming staking upgrade and the Cross Chain Interoperability Protocol (CCIP), a solution currently gaining traction in the Web3 scene.
