LINK Increased 30% in 5 Weeks with chainlink Whales Loading So What’s Driving the Momentum?
According to on-chain data from analytics provider Santiment published on October 17, LINK has gained 30% over the past five weeks.
Whale wallets containing 100,000 to 1 million LINK tokens accumulated Aggressively,” $38.5 million in value was added last week alone.
Moreover, LINK is up 20% in the last month, but the annual chart shows many declines between $6 and $8.
Strengthening Chainlink Foundations
#chain link It is at $7.51 with +30% in the last 5 weeks. Wallets currently worth 100K-1M $LINK It has accumulated aggressively, with $38.5 million worth of coins added last week alone. Their moves make more sense than small retail traders making profits. pic.twitter.com/0oRGlk5Lnt
— Santiment (@santimentfeed) 16 October 2023
On October 16, Chainlink released its latest adoption update, stating that there are nine new integrations of five Chainlink services. These have been deployed on many different chains including arbitrum, Avalanche, Base, BNB Chain, Ethereum, optimism and Polygon.
Services and integrations included DeFi and Web3 platforms.
There have also been a lot of rumors about Chainlink and real-world asset tokenization lately. However, Chainlink does not tokenize real-world assets; It provides decentralized data and price oracles.
Chainlink’s cross-chain interoperability protocol (CCIP) is well positioned to connect the many private and public blockchains that will be available for this asset class. Additionally, tokenized RWAs need connectivity across blockchains to provide access to counterparties and liquidity.
Chainlink also provides services such as Proof of Reserve and data feeds that display the data necessary to enrich tokenized assets as they flow across chains.
Last week, K33 Research published a report on the growing trend of real-world asset tokenization. Research analyst David Zimmerman said LINK would be a good bet for profit as RWA moves higher:
Chainlink also cooperates FAST and Australian bank ANZ on cross-chain capabilities involving real-world assets.
LINK Price View“This is what true asset interoperability looks like.”@AnuragSoinproduct leader digital asset services @ANZ_AUexplains the benefits of using #CCIP removing blockchain complexity for real-world asset use cases
pic.twitter.com/BYvlfsPXvt
— Chainlink (@chainlink) 16 October 2023
LINK was marginally up on the day and was trading at $7.48 at press time. Additionally, the asset is up 30% since its mid-August drop to $5.76.
However, major resistance remains at $8, which will be difficult to overcome this year.
LINK is down 86% from its May 2021 all-time high of $52.70, so there is plenty of room for movement.
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