53 million LINK collected during a great wave of accumulation

Whales controlling between 100,000 and 1 million LINK wallets are increasing their holdings.

Chainlink (LINK) maintained its stability above $21 and occasionally tested the $22 level in early October. Mid-month, LINK’s price fell sharply amid last week’s devastating market downturn and fell below $18, briefly dropping to around $16.

Despite some recovery attempts, the asset was unable to regain its previous momentum. However, as it currently hovers around $17.5, major investors continue to add the token to their stacks.

LINK Whale Wallets Swell

Chainlink whales and sharks holding between 100,000 and 1 million LINK tokens continued their accumulation trend, indicating continued confidence in the asset. Over the past 12 months, Santiment found that these wallets have collectively added 40 million LINK, an increase of 28% and 103 new addresses.

Over the past six months, holdings have increased by 12.9 million LINK, an increase of 7.6% with 30 additional addresses. The trend has continued over the past three months, as 8.7 million LINK has been accumulated by this cohort, and in the last month alone, 2.8 million LINK has been added to whale and shark wallets.

Crypto analyst Ali Martinez also observed that the crypto asset is showing strength and could be gearing up for a rally even as most altcoins continue to struggle. He said the $16 level constitutes a crucial demand area, where over 54.5 million LINK tokens have been accumulated, creating a strong base of support.

During the recent market sell-off over the past two weeks, whales purchased an additional 13 million LINK. From a technical perspective, it appears to be forming a symmetrical triangular pattern, which could signify a possible breakout pattern. As such, a breakout and close above $25 could signal the start of a major rally, potentially pushing LINK towards $53 or even $100 in the longer term.

Ranking of developer activities

Along with its strong whale activity and technical setup, Chainlink has also secured the second place in development activity over the past month. The project retained its position from the previous month.

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The latest rankings put Chainlink just behind Metamask’s mUSD, which took first place, and ahead of Dfinity’s Internet Computer (ICP), which placed third. Other projects in the top ten include Radworks (RAD), Hedera (HBAR), Sui Network (SUI), DeepBook on Sui (DEEP), Aptos (APT), Avalanche (AVAX), and Optimism (OP).