According to Santiment (@santimentfeed), “Chainlink is on a tear this weekend,” with the network seeing 3-month highs in whale transactions, unique interacting addresses, and trading volume. Altcoins have been benefiting from BTC redistribution, but LINK has been a particular standout.
On-Chain Activity Surges
Source: Santiment – Start using it today
The on-chain data shows increased network activity for Chainlink, with metrics like whale transactions and new addresses hitting multi-month highs. This signals confidence in LINK amidst the overall altcoin market recovery fueled by Bitcoin redistribution.
LINK has seen a major surge in price in the past few days. It has also reached the $9 mark for the first time since November last year, and many analysts are seeing further price movement, especially if it closes above the critical 500+ day resistance. The bullish on-chain activity reported by Santiment provides further evidence that LINK may have significant room to run compared to other altcoins in this market environment.
In summary, Chainlink is displaying impressive on-chain strength setting it apart from other altcoins – with key metrics like whale transactions spiking. This data supports the bullish case for LINK as it pushes against key resistance levels.
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