Chainlink (LINK) is bucking the trend and making significant upward moves. On-chain data reveals that both Chainlink sharks and whale addresses have been actively accumulating over $10 million worth of LINK tokens in the past three days, indicating a renewed investor interest in the altcoin.
Accumulation by Chainlink Sharks
The “shark” tier of Chainlink holders, owning 10,000 to 100,000 $LINK tokens each, has been notably active. Currently, there are 3,127 wallets within this tier, marking the highest count since December 3, 2022.
Over the past three weeks, Chainlink’s on-chain data has shown positive developments and increased investor interest. LINK’s current price stands at $6.37, with a market cap of $187 million, reflecting a 2.67% increase. In the last week, LINK’s price has surged by 6.29%, outperforming many other altcoins.
Decreasing Exchange Reserves
Despite the recent price surge, investors are not rushing to book profits. Instead, the exchange reserves for LINK have been declining. Over the last three weeks, Chainlink investors have withdrawn nearly 1.8 million LINK tokens.
Whale Interest Boosted by SWIFT Partnership
The interest of whales in Chainlink has surged following SWIFT Network’s announcement on August 31st. SWIFT successfully conducted tokenization tests in collaboration with Chainlink, Citibank, and other financial institutions. These tests showcased the use of Chainlink infrastructure to facilitate the transfer of tokenized value across various blockchains.
Potential for LINK Price to Reach $10
From an on-chain perspective, LINK’s price appears poised to regain the $10 level, provided that the prevailing bearish sentiment across altcoins diminishes. Global In/Out of Money Around Price data supports this optimistic outlook, revealing minimal resistance for LINK once it surpasses the $6.50 threshold.
Approximately 67,300 addresses collectively acquired 557 million LINK tokens at an average price of $6.50, suggesting strong support for further price appreciation.
Chainlink (LINK) is experiencing a resurgence in investor interest, with sharks and whales actively accumulating tokens. Positive on-chain developments, decreasing exchange reserves, and a significant partnership with SWIFT Network have contributed to this bullish sentiment. The path to $10 appears promising for LINK, as strategic retail investors align with larger holders to potentially drive a price rally.
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