Chainlink (LINK) Soars Past $20: Whales Accumulate as Momentum Builds

• A notable accumulation of Chainlink tokens worth $112 million by an undisclosed whale further fueled investor interest, contributing to its recent uptrend.
• Notably, “Satoshi Flipper” highlighted LINK’s remarkable price action, suggesting the potential for significant growth, even hinting at a tenfold increase.

Oracle service provider Chainlink (LINK) has registered a strong rally shooting past $20 over the last weekend. With this, Chainlink makes its way into the list of top ten cryptocurrencies by market cap, unsettling Dogecoin (DOGE) for the tenth spot.

Over the last month, LINK has surged by over 40%, solidifying its position as one of the top-performing cryptocurrencies currently. According to a report from blockchain analytics platform Lookonchain on February 11, the price of LINK has seen a 15% uptick since a significant accumulation by an unidentified whale.

The report further revealed that this mysterious whale had amassed a staggering 5,587,368 LINK tokens, equivalent to approximately $112 million, through 55 addresses on Binance within the past six days.

Joshua de Vos, the research lead at CCData, attributed the recent surge in the LINK token to several significant developments.

He noted, “Chainlink’s recent impressive performance is likely a response to the overall positive market sentiment and the ongoing focus on tokenization”. The analyst underscored the project’s importance and value within the cryptocurrency and blockchain sectors. Vos said:

“Chainlink serves to bridge the gap between blockchain technology and traditional infrastructure, potentially facilitating access to markets such as global trade, real estate, and derivatives. As one of the leading Oracle providers, Chainlink’s growth reflects a growing interest from institutional entities and further highlights the growing importance of tokenisation”.

Chainlink Price Can 10x

The Chainlink storyline has become a popular topic on crypto social media, with notable influencers and investors sharing bullish sentiments.

For instance, on February 11, “Satoshi Flipper” described LINK’s price movement as “remarkable,” suggesting that there is still significant potential for growth, possibly even a tenfold increase from current levels. the analyst added:

“It’s not only one of the most important projects in the space, but it’s also one of the most undervalued and one of the least risky. I’m super comfy parking as much capital as I want there.”

Moreover, the count of Chainlink holders has surged, as per Santiment data, revealing approximately 9,000 fresh holders since January, reaching a total of 717,000. This uptick in holders coincides with a pattern of LINK withdrawals from exchanges, with just 21.5% of the overall supply currently residing on these platforms. Such a shift away from exchanges might also signal a forthcoming price upsurge.

Over the weekend, Chainlink also provided an adoption update, unveiling new integrations with various chains. Among the notable additions were Dypius, Eigenpie, Origin Protocol, Paxos, UKISS Technology, Umami DAO, and Volley Token. Additionally, the platform revealed seven integrations of four Chainlink services spanning across Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Optimism, and Polygon.