Claim $500Chainlink (LINK) Shoots to $8 Amid High Whale Activity
Over the last weekend, oracle service provider Chainlink (LINK) made a strong move rallying all the way to $8. As of press time, LINK is trading at a price of $7.89 with a market cap of $3.8 billion.
The LINK price rally over the weekend came on the backdrop of strong whale activity. As per on-chain data provider Santiment, the LINK whale transactions touched a 4-month high over the weekend. It added:
“Chainlink whales have gotten quite active this weekend as market prices have teased the $8 level a few times. Saturday saw 33 different $LINK transactions exceeding a value of $1 million. This was the highest whale activity day since June 27th”.
Over the last month, Chainlink (LINK) has been on the radar of investors and crypto traders. The whale activity has remained throughout strong this month of October.
Currently, $8 serves as a strong resistance for Chainlink (LINK). A breakout above the same could set up LINK for a strong rally ahead. For a long time, Chainlink has been consolidating strong in the $6-$8 range.
In a fresh competition to Chainlink, crypto exchange Binance launched its Oracle Network last week.
Chainlink and Other Altcoins
Over the last week, the altcoin space saw a strong rally. Amid the memecoin fest, both Dogecoin (DOGE) and Shiba Inu (SHIB) saw their price pumping significantly. The DOGE is already trading at more than 100% gains on the weekly chart.
However, it has now entered a sharp correction. As of press time, Dogecoin (DOGE) is trading 8.68% down at a price of $0.12 with a market cap of $13.8 billion.
In addition to memecoin, Ethereum (ETH) witnessed a strong rally and is up nearly 20% on the weekly chart. The world’s second-largest crypto has shown clear price dominance over Bitcoin throughout this month. On-chain data provider Santiment reports:
“Ethereum’s price dominance over #Bitcoin and most of #crypto has continued as October is coming to a close. This has come following a spike in new $ETH addresses created. Address activity will likely need to recover for a confident continued rally”.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Michael Saylor’s “Green Dots” Message Hints At Fresh Bitcoin Buying As BTC Faces $90K Wall
- Fed’s Hammack Signals No Rush to Cut Rates as January Hold Odds Near 80%
- XRP ETFs Reach $1.21B as Asset Managers See a ‘Third Path’ Beyond Bitcoin
- Nearly $50M in USDT Stolen After Address Poisoning Scam Targets Crypto Trader Wallet
- Breaking: Rep. Max Miller Unveils Crypto Tax Bill, Includes De Minimis Rules for Stablecoins
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
