Chainlink is gaining traction among large investors, with key metrics pointing to a potential rally. How far can LINK go?
This increase coincides with a rise in large transactions and longer average holding periods.appeared to be in a consolidation phase at press time, recording a minor 1.29% decline in the last 24 hours.Insights from AMBCrypto suggested that while LINK is in a temporary recoil, the asset’s market conditions strongly favored another rally, mirroring last month’s bullish performance.from IntoTheBlock revealed a significant increase in the creation of new LINK addresses.
Currently, over 4,000 new addresses linked to Chainlink have been established. This trend suggests fresh interest in the asset, likely from investors preparing to buy.If these new entrants drive substantial purchases, the demand could push LINK’s price higher, building on its recent momentum.December has seen a notable rise in large transaction volumes and counts, typically associated with investors holding at least 1% of the asset’s supply.
Over the past seven days, the number of large transactions reached 1.98 K, with a total volume of 34.34 million LINK valued at $858.08 million. Although this volume dipped over the last 24 hours to $290.99 million, it still reflected sustained upward activity.Interestingly, the increase in large transactions coincided with stable or slightly declining prices.
This pattern often indicates accumulation, suggesting that major investors are positioning themselves for potential gains in LINK’s future performance.The average holding period for LINK has risen significantly, reaching 1.9 years, according to the Average Time Token is Held.ReadSuch prolonged holding patterns suggest that large traders accumulating the asset may maintain their positions for a similar duration.
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