Chainlink Price Surges to Five-Month High Amid Whale Transaction Frenzy
Chainlink's (LINK) price has reached its highest level in five months due to increased whale transactions. According to Santiment data, large wallets have been building up supply, with a recent spike of 246 transactions totaling at least $100,000 in a single day.
This surge in activity is not just a one-off event, as the number of LINK transactions above $100,000 has increased daily since March. This marks a significant shift from the lower whale activity seen for most of the preceding weeks.
The current spike is given more weight by accompanying supply data. Approximately 466.31 million tokens are currently controlled by wallets holding between 100,000 and 10 million LINK, accounting for 46.57% of Chainlink's total supply. This cohort's holdings have been rising over the past few weeks, with another increase occurring around the recent transaction spike.
This combination implies that rather than broadly reducing exposure, the increase in whale activity is taking place as key LINK stakeholders increase their balances. These large wallets' behavior can be used as an on-chain sentiment indicator because changes in it have historically tracked fairly closely to LINK's market performance.