Chainlink (LINK) Shoots to $8 Amid High Whale Activity

Bhushan Akolkar
October 31, 2022
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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”.

Courtesy: Santiment

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”.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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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.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.