Chainlink (LINK) Price Surges 8% While Whale Activity Takes a Pause

Chainlink (LINK) price has surged over 8% in the last 24 hours, with trading volume soaring by 106% to reach $1.04 billion.

Despite this strong price movement, whale activity has stabilized, as the number of addresses holding between 100,000 and 1,000,000 LINK has remained steady at 527 after a previous peak of 534.

LINK Whales Keep the Neutral Stance

The number of addresses holding between 100,000 and 1,000,000 LINK increased significantly from 510 on December 18 to a monthly high of 534 on December 27. This surge in whale activity highlights a period of strong accumulation, reflecting heightened interest from large investors during that time.

Tracking such whale behavior is crucial, as their buying or selling patterns can heavily influence price trends. Whales’ accumulation often signals confidence in the asset and can drive further price growth, as their substantial trades create upward momentum.

Addresses Holding Between 100,000 to 1,000,000 LINK. Source: Santiment

However, after reaching the peak of 534 addresses, the number began to decline slightly and has since stabilized at 527. This recent stabilization indicates that large investors are currently neither significantly accumulating nor offloading their LINK holdings, suggesting a neutral sentiment.

Despite the 8% price surge in the last 24 hours, the lack of continued whale accumulation could signal caution regarding the sustainability of the recent rally. For LINK price to maintain its upward trajectory, renewed interest and increased activity from these large holders may be necessary to provide additional support.