Chainlink Reaches $15.50 Billion Market Cap with Surge in Holdings
Chainlink, an Oracle in the DeFi sector, has experienced a significant rise in market valuation, surpassing a $15.50 billion market cap. The LINK price has reached levels not seen since January 2022.
Mid-sized holders and Chainlink whales are contributing to the surge, driving trading volume to nearly $10 billion. LINK remains among the top performers in the cryptocurrency market this week.
Chainlink Whale Adds $6.68M Worth of LINK Tokens
A Chainlink whale purchased 269,861 LINK tokens for $6.68 million amid the ongoing rally. According to LookonChain, the whale spent $2.6 million to acquire 107,838 LINK at an average price of $24.1 on a decentralized exchange (DEX) and withdrew 162,024 LINK tokens worth $4.08 million from Binance.
Chainlink Holdings Surge Amid Bull Run
The demand for Chainlink is reflected in the data from the on-chain platform IntoTheBlock, indicating increased distribution among holders. In the past 30 days, retail investors holding 1,000-10,000 LINK tokens increased their positions by 34.81%. This trend shows growing interest among smaller investors.
Mid-tier investors with 10,000-100,000 LINK holdings saw an increase of 86.79%, while mid-sized whales holding 100,000-1,000,000 LINK tokens experienced a growth of 104.61%. Large whales with 1,000,000-10,000,000 LINK tokens raised their positions by 66.10%, and mega whales with over 10,000,000 LINK tokens increased holdings by 78.90%. This indicates strong bullish sentiment among various Chainlink investors.
LINK Price Analysis
LINK surged by 33% overnight, forming a bullish engulfing candle on the weekly chart, marking the third consecutive bullish opening. The recovery has surpassed the 61.80% Fibonacci level at $21.499, previously a critical resistance point.
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Chainlink price chart. Source: Tradingview
The LINK price action indicates a falling wedge breakout from prior pullbacks. Increased buying pressure suggests a trend reversal, breaking through multiple resistances. The 50 and 200-week simple moving averages are nearing a golden crossover, while the MACD shows positive momentum.
Currently, Chainlink trades at $24.92, with a peak at $26.92, marking a new 52-week high. Broader market recovery may drive potential price targets to $31.96 and $52.99.