Chainlink, a renowned blockchain oracle network, has witnessed a significant shift in its token dynamics, especially regarding the movement of older coins, commonly called ‘aged coin movements.’ This trend, particularly observed on September 15, preceded a notable increase in the price of Chainlink’s native token, LINK. Specifically, the LINK price rose by 31% over the following two weeks, highlighting the potential correlation between aged coin movements and price fluctuations.
Santiment, a platform with on-chain and social metrics for cryptocurrencies, shared a Twitter post providing the latest insights on the LINK ecosystem, highlighting an increase in the movement of older coins among wallets:
On September 15, a substantial spike in Chainlink’s LINK age consumed was recorded, amounting to 34 billion. This indicator, which tracks the movement of dormant coins, suggested an increased activity among long-term holders. Following this, from September 15 to September 29, the Chainlink price experienced a significant rise, climbing from $6.36 to $8.22.
More recently, the Chainlink token has shown a robust performance in the market. In the past 24 hours, LINK has been trading at an impressive $14.86, marking a surge of over 6.50%. This indicates a strong bullish sentiment in the market, potentially driven by the recent activities of large-scale investors, also known as ‘whales.’ If bull pressure continues to dominate, the momentum can push LINK toward the next resistance level above $17.00.
Furthermore, on November 28, Chainlink recorded a 4.28 billion LINK age consumed spike, the largest since the notable movement on September 15. This movement of dormant coins is often viewed as a precursor to significant price movements, as observed in the past. It reflects a renewed interest and activity among long-standing holders of the cryptocurrency.
A cryptocurrency analyst, Ali, shared a Twitter post providing insights on the current LINK:
Adding to these intriguing market movements, Chainlink recently saw its largest spike in whale transactions for the year. Over 2,600 transactions, each exceeding $100,000, were recorded, signaling a heightened interest from large-scale investors. Such whale activities are often viewed as indicators of market confidence and can lead to increased liquidity and volatility in the short term.
Chainlink’s recent market dynamics, characterized by a surge in dormant coin movements and increased whale activity, have contributed to a bullish trend in its token price. These movements are critical indicators for investors and market analysts, as they could provide insights into the underlying market sentiment and potential future price movements of cryptocurrencies like Chainlink.
