The post LINK Price Climbs Above $16 Again appeared on BitcoinEthereumNews.com.

The LINK price seems to be intensifying its bullish momentum again after cooling off over the past few weeks. Despite the recent sluggishness in Chainlink’s price action, the cryptocurrency has maintained most of its profit and managed to stay above the $14 level in the past weeks. Interestingly, the LINK price recently made its way above the $16 mark for the second time in less than a month. But here is the question – what is driving the latest surge? On-Chain Data Reveals Catalyst For Chainlink’s Jump To $16 The latest on-chain revelation from Santiment has offered insight into the catalyst behind LINK’s price jump to $16. According to data from the crypto analytics firm, Chainlink’s richest wallets have made a substantial amount of token purchases in the past few days. In a December 2 post on X, Santiment revealed that LINK whales bought about 3.9 million tokens (worth more than $62 million) in the past three days. This data point highlights an increase in the total amount of tokens held by the 200 largest Chainlink addresses. 🔗🐳 #Chainlink is moving ahead of the #altcoin field once again, aided by the top whales continuing to accumulate. The 200 largest wallets have added just over $50M $LINK in ~5 weeks. In 5 months, its market cap is +143% overall, and +93% vs. #Bitcoin. https://t.co/HUjTnCY5c9 pic.twitter.com/oAPl9SQaJ5 — Santiment (@santimentfeed) December 2, 2023 This recent market activity underscores the current accumulation trend amongst Chainlink whales. According to data provided by Santiment, the top 200 wallets have loaded up more than $50 million worth of LINK tokens in approximately five weeks. Furthermore, the on-chain analytics firm also revealed that the 200 largest Chainlink addresses currently hold a combined 746.57 million tokens (equivalent to a massive $11.84 billion). This figure represents nearly 75% of LINK’s…

---

Filed under: News - @ December 3, 2023 11:00 am