Chainlink’s (LINK) 125% Price Surge Since October Was Fueled By This Key Factor – Expert

Crypto asset Chainlink (LINK) has seen a dramatic 125% price increase since October 17th, surging from below $7.40 to current levels around $14.60. Data analysis reveals that this rapid rally was likely fueled by large wallet accumulations.

On October 17th, Santiment data showed that the 200 largest LINK wallets suddenly acquired over 40 million tokens, worth over $300 million at the time. Just two days later, LINK’s price began surging higher at an incredible pace.

Source: Santiment – Start using it today

This timing suggests these large wallet acquisitions likely played a key role in propelling Chainlink’s price higher. As these major players accumulated, it created increased demand and decreased available supply—the textbook drivers of price increases.

Additionally, once LINK’s price began rising rapidly, it likely created FOMO (fear of missing out) among other market participants, accelerating the rally. This shows how the actions of large whales can potentially move crypto markets.

The data also shows these top LINK wallets have maintained high balances ever since the initial purchases. This indicates substantial and continued accumulation, implying that major players remain confident in Chainlink over both short- and long-term timeframes.

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While no one can predict prices with certainty, the fundamentals and on-chain data make a compelling case that Chainlink still has room left to run. Investors should continue monitoring wallet behavior for signals around market sentiment and potential price catalysts.

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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.