This summary text is fully AI-generated and may therefore contain errors or be incomplete.
On-chain data from Santiment indicates that Chainlink’s “Age Consumed” metric has experienced a significant spike recently. This metric measures the movement of dormant Chainlink tokens, specifically those held by long-term holders (LTHs). When the Age Consumed indicator spikes, it suggests that a large number of these LTHs are transferring their tokens. This surge in activity could be significant as LTHs typically remain inactive regardless of market conditions. The recent spike in the Age Consumed metric reached its highest level since September, with a value of 4.28 billion. Interestingly, a similar spike in September was followed by a 31% rally in Chainlink’s price. However, it is uncertain if the same pattern will repeat this time, as the LTHs may have broken their dormancy for various reasons, including selling.In addition to the Age Consumed metric, there has been a notable increase in whale transactions. The Chainlink network observed 2,600 transactions valued over $100,000, indicating that the LTHs involved in these transfers are not ordinary investors but rather whales.One possible explanation for these spikes in activity is the recent launch of Chainlink staking v0.2 on the Ethereum blockchain. This allowed v0.1 stakers to migrate to the new network, and the timing of the spikes in Age Consumed and whale transactions suggests that LTHs may have been transferring their tokens to the new staking pools.Despite a recent drawdown to around $13.7, Chainlink has already recovered and is currently trading around $14.7. The market response to these spikes in activity remains uncertain, but they indicate a potential shift in the behavior of long-term holders and the impact it may have on Chainlink’s price.