The price of Chainlink (LINK) recently skyrocketed to a brand-new all-time high at $22.06. The coin — currently the 9th-largest crypto by market cap — surged by as much as 22.77% in the last 24 hours, while going up by 43.44% in the last week.
LINK price up by over 40% in less than a week
Chainlink’s price surge started on January 13th, after the coin attempted to go up twice earlier in January, but was stopped by a resistance at $17.5. On January 13th, however, it started surging again, beginning at the price of $13.5. By January 15th, it already reached a 5-month high, trading at around $18.73.
Market behavior analysis firm, Santiment, noted on Twitter that its Holders Distribution data indicated that whales — LINK holders who own 100,000 LINK or more — are not trying to sell their coins.
???? #Chainlink has hit a 5-month price high today, thus far peaking at $18.72. According to our popular Holders Distribution data, whales (holding 100k $LINK or more) are maintaining their bags, while mid-tier addresses with 100-100k are growing rapidly! https://t.co/78kAyP8xwI pic.twitter.com/mDUsiWePVE
— Santiment (@santimentfeed) January 15, 2021
With the whales keeping their LINK in their wallets, mid-tier addresses — those who own anywhere between 100 LINK and 100,000 LINK — started growing rapidly.
LINK hits a new all-time high
Since the tweet that announced LINK hitting a 5-month high, the coin’s price saw two more rapid price bursts. The first time took it from $18 to $21, which took place on January 15th, as well.
However, this surge was followed by an equally strong correction, which simply returned a LINK to its starting price of $18. The coin then started surging again almost immediately, hitting a new ATH at $22.5 earlier today, January 16th.
Santiment published another tweet about the project’s progress, noting that its metrics indicate that LINK had the highest day of active addresses in approximately 5 months earlier today.
???? The best kinds of #AllTimeHighs are when projects like #Chainlink, which hit $22.42 today, are backed by great fundamental usage. With this historic achievement, our metrics indicate that $LINK had the highest day of active addresses in ~5 months. ?? https://t.co/KzjC2tpOUL pic.twitter.com/i4jtVVk9u5
— Santiment (@santimentfeed) January 16, 2021
Some among the traders are expecting to see the whales start dumping coins in the near future, which will undoubtedly be followed by a strong correction, if it happens. However, such expectations were expressed on January 15th, as well, but it did not happen until now.
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