Chainlink Price Surges to Five-Month High Amid Whale Transaction Spike

Chainlink's (LINK) price has reached its highest level in five months due to an increase in whale transactions, according to recent data from Santiment.

The number of LINK transactions totaling at least $100,000 in a single day has surged, with 246 large transfers recorded on a single day. This marks a significant shift from the lower whale activity seen for most of the preceding weeks.

The current spike in whale activity is accompanied by an increase in supply data, with approximately 466.31 million tokens controlled by wallets holding between 100,000 and 10 million LINK. This amounts to 46.57% of Chainlink's entire supply, a percentage that has been rising over the past few weeks.

The combination of whale transactions and large-wallet balances suggests that key LINK stakeholders are accumulating more of the asset, which could be seen as an on-chain sentiment indicator for the market performance of LINK.