Whales triggered Chainlink to soar 125%In mid-November, Chainlink (LINK) was at its highest level since April 2022.
The altcoin was close to $16, but in the second half of the month began to retreat under the pressure of investors who moved to profit taking.
On the night of Friday, November 24, the LINK rate dropped to $14.62, but the cryptocurrency is still trading at its highest level since the spring of 2022. It has a capitalization of $8.138 billion with an average daily trading volume of $616.256 million.
Santiment notes that whales have purchased 40.18 million LINKs since October 17. Over the next 25 days, the cryptocurrency’s value increased by 125%.
In total, Whale wallets hold 741.68 million LINK.
The largest address controls 3.8% of the altcoin’s total supply. This whale has invested $569 million in Chainlink.
Analysts recalled that the cryptocurrency was below $7.5 in mid-October, but a month later it broke above $15. This suggests that large investors triggered the LINK rally.
Medium and small addresses followed the whales and started buying up the digital currency.
LINK’s closest support zone is between $13.8 and $14.2. Here earlier, 11,470 wallets purchased 23.45 million LINKs, data from the IntoTheBlock platform shows.