The digital currency market is flashing signs of resurgence, with Chainlink’s native token, LINK, experiencing a significant price boost. At the time of reporting, Bitcoin has surged past $48,300, and altcoins like LINK are following suit, echoing the bullish trends from a time once celebrated by crypto enthusiasts. The spotlight is on LINK Coin, which is currently demonstrating a robust increase in value and generating interest in its market trajectory.
Surge in LINK Coin Value
Trading at $20.52, LINK Coin has marked a substantial 13% rise within the day, rewarding long-term predictions of its growth potential. In contrast to other cryptocurrencies that often see price jumps driven by speculative trading, LINK’s increase is underpinned by its technological prowess and promising future applications.
A significant whale has been observed accumulating LINK, amassing about 83.6 million tokens, as per Lookonchain analytics. This substantial holding, reflective of the whale’s confidence, has fueled the token’s ascent.
Widespread Accumulation and Future Prospects
Data from Santiment reveals that the increase in LINK holders isn’t confined to whales. Since January, the number of LINK investors has grown by approximately 9,000, with total wallet addresses now reaching 717,000. Additionally, there’s been a consistent net outflow of LINK from exchanges, hinting at a collective holding strategy among investors.
Market optimism is further bolstered by the prospect of Chainlink expanding its staking pool, which could propel spot market demand. Exchange supplies of LINK have dwindled to about 21.5% of the total available supply, suggesting a tightening market with limited sell pressure.
Chainlink’s trajectory over the last month has defied the overall bearish trend in the crypto market, with LINK posting a 35.37% gain in the last 30 days and an additional 15% in the past week. This continuous upward movement is reinstating confidence among investors, with future price targets set at optimistic levels of $28.65 and $38.15, should the current support hold.