- LINK has spiked over 20% for the third time within two months.
- Whales accumulated over 4% of total supply.
Chainlink [LINK] has detached itself from the broader market’s price trends and is now following its unique trajectory. As a result of its current price movement, certain other metrics have also responded accordingly.
Chainlink spikes yet again
A review of Chainlink’s daily timeframe chart revealed that it recently experienced yet another notable double-digit price surge.
On 8th November, it gained 14.33% in value, closing at nearly $15. Remarkably, this marked the third occurrence of such a substantial price movement within a span of less than two months.
Despite having spent some time in the overbought territory, the recent upswing pushed it even further into overbought conditions.
This was indicated by its Relative Strength Index (RSI) surpassing 80. Also, at the time of this update, it was trading with a minor loss of approximately 2%, yet it still maintained a price point above $14.
The RSI’s positioning underscored a robust bull trend.
Furthermore, this latest price trend has prompted previously inactive wallets to become active, and it has encouraged whales to augment their accumulation.
Chainlink’s dormant supply becomes active
As per Santiment’s chart analysis, there has been a recent trend where the average age of
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Author: Adewale Olarinde
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