Chainlink’s price has stalled its rally since it hit an intraday peak of $24.74 on August 13. Now trading at $22.29, the altcoin’s price has since dropped 11%.
While LINK’s price has dawdled, large holders appear unfazed. They view the dip as a buying opportunity and are ramping up their accumulation as a result. What does this mean for the altcoin?
LINK Whales Make Big Moves
On-chain data has shown that the count of LINK whale transactions exceeding $100,000 soared to a seven-month high of 992 on Thursday.
This uptick in high-value transfers helped drive LINK’s price to a high of $24.31, just 2% shy of the previous day’s close, before easing lower.
As of today, 232 whale transactions worth more than $100,000 have already been recorded. This suggests continued interest from deep-pocketed investors despite today’s broader market consolidation.
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LINK Whale Activity. Source: SantimentIn addition, the number of daily active addresses trading LINK has also trended higher, signaling increased on-chain engagement. Per Santiment, this, observed using a seven-day moving average, has risen by 55% since the beginning of August.
LINK Daily Active Addresses. Source: SantimentThis steady uptick suggests that while whales are active, broader participation from the LINK traders is also growing, confirming climbing interest in the asset despite recent market volatility.
LINK Price Poised for Breakout if $22.21 Support Holds
Higher active address counts reflect stronger network usage on Chainlink. If this trend continues alongside increased whale demand for LINK, it could strengthen the support at $22.21. In this scenario, LINK could rally toward $25.55.
LINK Price Analysis. Source: TradingViewConversely, if the support floor weakens and gives way, LINK’s price could drop to $19.51.
Analyst George from CryptosRUs recently reviewed LINK as a token to watch in his latest YouTube video:
