This summary text is fully AI-generated and may therefore contain errors or be incomplete.
The price of Chainlink’s cryptocurrency, LINK, is showing signs of a bullish trend after a period of sluggishness. Despite this, LINK has managed to maintain its value above $14. Recently, the price surged above $16 for the second time in less than a month. The catalyst behind this surge has been revealed through on-chain data analysis. Santiment, a crypto analytics firm, reported that the richest wallets in the Chainlink network have been making significant purchases of LINK tokens. In the past three days alone, these whales bought around 3.9 million tokens, worth over $62 million. This accumulation trend by large investors is seen as a positive sign for LINK’s price trajectory. It indicates that these investors have faith in the asset and expect its value to grow. In the past five months, LINK has outperformed Bitcoin in terms of market capitalization, with a growth rate of over 93%. Despite this, Bitcoin remains the top cryptocurrency with a market cap of $772 billion, while LINK ranks as the 12th-largest asset with a market cap of $9 billion. Overall, the recent surge in LINK’s price and the accumulation of tokens by large investors suggest a positive outlook for the cryptocurrency.