According to a recent post by crypto analytics firm Santiment, Chainlink (LINK) has emerged as an institutional favorite, outperforming most other cryptocurrencies over the past day.
Santiment noted that Chainlink’s market value currently sits at $7.31, having traded higher against the general crypto market over the past few hours. The analytics provider suggests following the ‘smart money’, pointing to rising wallet addresses holding between 100K to 10M LINK.
Source: Santiment – Start using it today
A Surge in Mid-sized Wallets
Compared to September 18th, there are now 6% more of these mid-sized Chainlink wallets, indicating growing institutional interest in the oracle crypto. As deep-pocketed investors accumulate LINK, it continues to stand out while many altcoins flounder.
The positive momentum for Chainlink comes even as the overall crypto market remains stuck in uncertainty. Bitcoin has struggled to break out of its narrow trading range between $25,000-$28,000 for weeks. Meanwhile, majors like ETH and XRP are still hugely depressed from their all-time highs last year.
Against this backdrop, Chainlink’s relative strength has made it a darling among institutions and crypto funds. Its pivot toward staking, NFTs, and Web3 infrastructure continues attracting major investment. With deep liquidity and strong technicals, LINK also appeals to short-term professional traders.
As Santiment’s data shows, those following the money have noticed the increase in mid-tier wallets recently accumulating Chainlink. With market leadership shifting away from legacy altcoins, Chainlink appears to be emerging as a new institutional favorite during the ongoing bear market. Its resilience has made it a bright spot in an otherwise challenging environment for cryptocurrencies.
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