According to on-chain data, Chainlink whale activity reached a 4-month high over the weekend, which contributed to a rise in the LINK price.
Chainlink (LINK), an Oracle service provider, had a significant increase over the previous weekend, rising all the way to $8. At the time of publication, LINK had a market capitalization of $3.8 billion and was trading at $7.89.
Strong whale activity served as the backdrop for the weekend price increase in LINK. Santiment, an on-chain data source, reports that over the weekend, LINK whale transactions reached a 4-month high. The statement said, "Chainlink whales have become particularly active this weekend as market prices have repeatedly threatened the $8 barrier." 33 distinct $LINK transactions totaling more than $1 million were made on Saturday. Since June 27th, this was the day with the most whale activity.
Chainlink (LINK) has been on investors' and cryptocurrency traders' radars for the past month. This October has seen consistent, high levels of whale activity.
Currently, Chainlink has significant resistance at $8. (LINK). A break above the same could position LINK for an impending strong rally. Chainlink has been steadily stabilising for a while between $6 and $8.
Binance, a cryptocurrency exchange, this week announced its Oracle Network in a new effort to compete with Chainlink.
Chainlink and other cryptocurrencies
The cryptocurrency market had a significant increase during the past week. Both Dogecoin (DOGE) and Shiba Inu (SHIB) saw large price increases during the memecoin festival. On the weekly chart, the DOGE is currently trading at a gain of more than 100%.
However, it has now started to correct sharply. Dogecoin (DOGE) has a market worth of $13.8 billion and is now trading 8.68% lower at $0.12, as of the time of this writing.
Along with memecoin, Ethereum (ETH) also saw a strong uptrend, rising by around 20% on the weekly chart. Throughout this month, the second-largest cryptocurrency in the world has clearly outperformed Bitcoin in terms of price.
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