Chainlink (LINK), 13th cryptocurrency by market cap, in a bull streak recently set fresh all-time high few days ago, LINK price soared to as high as $4.95 in the news wake of Chainlink’s Oracle partnership with China’s Blockchain Services Network (BSN).
However, Chainlink’s huge momentum has gradually slowed down after this feat as LINK is presently trading down from the highs it previously set. Chainlink’s rejection came as LINK bulls attempted breaching the minor resistance just above its recent price.
Analysts have attributed Chainlink’s bullish momentum to be steered by two factors, first, its recent partnership with the Chinese Blockchain Services Network (BSN). Second, on-chain data indicates that since the start of the year, LINK has seen a massive spike as huge as 100% in its investor base. This positivity is prompting up the belief of likely chances of its macro uptrend sustained in the days ahead.
LINK/USD Daily ChartAt the time of writing, Chainlink is trading slightly down by 3.61% at $4.50. LINK is however notably up from the lows of $3.70 it set weeks ago.
On-chain analytics platform Glassnode noted that the number of Chainlink investors has been on a steady rise since the beginning of 2020.
Image Courtesy of GlassnodeGlassnode gives the total figure to be more than 160,000 addresses that hold LINK. This recent figure indicates a 100% rise since the beginning of the year 2020. The on-chain analytics platform stated:
“The number of LINK token holders continues to see a steady increase in 2020. There are currently more than 160,000 addresses holding LINK – an increase of 100% since the beginning of the year.”
The positivity around here is that not only growth was seen in LINK investor base, but Chainlink bulls also seem to have wooed “high end” holders otherwise referred to as Whales.
This is seen as data aggregator Santiment recently indicated a spike in the number of “high-end” token investors otherwise referred to as Whales who hold between 100,000 and 1 million LINK tokens which translate to about $478,000 and $4.78 million based on LINK recent price of $4.50.
Image Credit: Glassnode, Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
