Santiment, the blockchain data analytics platform, recently took to Twitter to share significant developments in the Chainlink (LINK) ecosystem. In a tweet from the official Santiment account, it was revealed that their alerts had been triggered due to a surge in activity within Chainlink’s dormant coin movement. This movement marks the most substantial increase seen in six weeks and has garnered attention from both market observers and enthusiasts alike.
🔗 #Chainlink is firing off @santimentfeed alerts following its most dormant coin movement in 6 weeks. Dips in $LINK's mean dollar invested age curve indicate average coin times in wallets are getting younger, a scenario associated with market cap growth. https://t.co/AMcvSGnxwy pic.twitter.com/Dya5Iu9HKx— Santiment (@santimentfeed) August 11, 2023
The movement of LINK’s dormant coins has important implications for its investment landscape. Interestingly, the decrease in the average time that LINK coins spend in wallets, as indicated by observed dips in the mean dollar invested age curve of $LINK, suggests a potential positive momentum in the LINK market and hints at possible growth in market capitalization.
Strong Support Range For Chainlink
In the ongoing discussion about Chainlink, market analyst Ali also shared insights. According to a tweet from Ali, Chainlink has established a strong support range between $6.63 and $6.88. Notably, around 29,000 distinct addresses strategically acquired 295 million LINK tokens within this range. The current on-chain data suggests that Chainlink’s support level retention is positive, with no significant resistance barriers.
1/3 #Chainlink established strong support between $6.63 and $6.88. Nearly 29,000 addresses acquired a 295 million $LINK within this range.— Ali (@ali_charts) August 11, 2023
As long as #LINK maintains above this level, there's strong bullish sentiment since on-chain data shows no major resistance barriers ahead. pic.twitter.com/m03eEePQqn
Major LINK whales strategically reinforce the optimistic sentiment surrounding Chainlink. These influential cryptocurrency holders have been noticeably accelerating their accumulation of holdings. These prominent whales have collectively acquired approximately 13 million LINK tokens in the recent two weeks. These tokens are estimated to have a cumulative value of around $91 million.
While these developments bode well for existing LINK holders, traders anticipating a breakout in the market may need to exercise patience. Recent on-chain data indicates a decline in network activity over the past three weeks.
During this period, substantial transactions have decreased significantly from 527 to 118. Analysts continue to remain vigilant for any potential spikes in this metric, as they may indicate an upcoming surge in the LINK market. Enthusiasts and traders closely monitor the dynamics of Chainlink alike. Nonetheless, market forces continue to influence the overall trajectory of this cryptocurrency, and on-chain activity is evolving.