Chainlink stands out among its contemporaries in the cryptocurrency space for the length of time spent trading sideways.
LINK, like most major cryptocurrencies, has been in an uptrend since July, but it is still down 36% from its all-time high of $53.00 set on May 10, although the cryptocurrency is still up more than 400% in 2021.
However, unlike many other big cryptocurrencies that have seen massive increases in recent months, Chainlink (LINK) hasn’t been as involved in the altcoin bull run, but the Oracle network is starting to ramp up after rising over 25% in October.
The Chainlink ecosystem continues to develop fundamentally as big actors in the DeFi ecosystem employ Chainlink oracles to interact across networks as the initiative gains traction.
Whales holding between 1 million and 10 million LINK tokens accumulated $334.6 million worth of LINK in the last four days, according to on-chain metrics publisher Santiment.
In September, these addresses accumulated 62.02 million coins worth $1.45 billion (3.4 percent of the total supply). They now account for 18.01 percent of total supply, which is a new all-time high.
Despite the cryptocurrency having yet to have a bull run, Whales have raised their holdings, signalling the network’s general bullish outlook. The price of LINK is anticipated to soar soon as long as the bull cycle continues.