This accumulation can trigger a massive appreciation in LINK.
LINK whales are increasingly accumulating more assets outside of exchanges. According to the data platform, Santiment, the amount of LINK of the top 100 whales outside the exchanges increased by about 5% in the year. This increased the value of the LINK maintained at those addresses from 735.64 million a year ago to the current value of 771.15 million.
The accumulation of this asset by these major non-exchange whales has steadily increased over the past year. This increase preceded the impressive performance of LINK’s price this year, when it rose from less than $ 2 to almost $ 20 in August, a move that may have been triggered by the massive accumulation that is still underway.
Whales confident in LINK’s longevity
Chainlink was founded in 2017 and after a successful ICO, it has been around ever since. However, it only reached the spotlight in 2020, when it jumped from the top 30 cryptocurrencies to the top 10. The asset currently occupies the 7th position among the more than 7,000 cryptocurrencies in existence. Santiment says the 5% increase in accumulation indicates that whales are confident that the cryptocurrency will prosper well in the future.
Chainlink’s Oracle protocol seeks to connect smart contracts with real-life data, helping to bring real-life applications to smart contracts. The team recently announced that it is accepting grant applications for the integration of Solana as a protocol. Also in an attempt to further develop the network, it recently launched another grant to support developers with innovative ideas. With these programs in place, LINK can have a brighter future, as many analysts have said.
LINK: current market situation
Chainlink, like most other major cryptocurrencies, was in consolidation for some time before Square’s Bitcoin investment news revived the market, raising the price to more than $ 10. This is the first time the price has reached that level since September 29th.
It is not known whether the price of LINK will continue to rise in the short term, but analysts believe it could reach $ 32 by the end of the year.