Chainlink Surge: 53 Million LINK Acquired Amid Accumulation Wave

Chainlink (LINK) has been maintaining a steady value above $21 and has occasionally tested the $22 mark in early October. However, a sharp decline occurred mid-month due to a market downturn, pushing its value below $18 and briefly down to around $16.

Despite attempts at recovery, LINK hasn’t regained its previous momentum but is currently positioned near $17.5 as key investors are adding more tokens to their holdings.

Increasing Whale Activity

Whales and sharks, defined as those holding between 100,000 and 1 million LINK tokens, have continued their accumulation trend, reflecting strong confidence in LINK. Over the past 12 months, these wallets have collected 40 million LINK, representing a 28% increase and an addition of 103 new addresses.

In the past six months, the increase in holdings accounts for 12.9 million LINK, a 7.6% rise along with another 30 new addresses. Recently, 2.8 million LINK were added to these wallets, indicating ongoing investor interest.

Crypto Analyst Ali Martinez has indicated that LINK displays signs of strength and could be preparing for a rally, particularly as many altcoins continue to falter. He pointed out that the $16 level represents a critical support zone, where more than 54.5 million LINK tokens have been amassed.

Recently, during a two-week market sell-off, whales procured an additional 13 million LINK. Technical indicators suggest a symmetrical triangle pattern is forming, hinting at a potential breakout. If LINK crosses and stays above $25, it may initiate a significant upward rally, possibly moving towards $53 or even higher in the future.

Developer Activity Rankings

In addition to strong whale activity and positive technical trends, Chainlink secured the number two position in development activity over the last month, maintaining its position from the previous month. Other notable projects include Metamask’s mUSD at the forefront and Dfinity’s Internet Computer (ICP) in third.

The rankings position Chainlink just behind Metamask’s mUSD, while other projects include Radworks (RAD), Hedera (HBAR), Sui Network (SUI), DeepBook on Sui (DEEP), Aptos (APT), Avalanche (AVAX), and Optimism (OP).