Chainlink (LINK) Reaches $29 for the First Time in 3 Years as Whale Activity Increases

Chainlink (LINK) has broken past the $29 threshold for the first time since November 2021, generating excitement within the cryptocurrency space. The recent price rally is linked to intensified activity from whales and sharks, suggesting growing interest among large-scale investors.

🔗📈 Chainlink has surpassed $29 for the first time in 37 months, generating excitement from the community. This latest decoupling of LINK’s price has been supported by rising levels of whale & shark accumulation.

🐳🦈 Wallets with 100K+ LINK have added 5.69M LINK to their… pic.twitter.com/4c1uEZuEJj

— Santiment (@santimentfeed) December 12, 2024

On-chain data further highlights the token’s strong market performance, revealing that 83% of LINK holders are profitable. Meanwhile, 17% of holders are actively buying at the current price levels, with no investors experiencing losses—a testament to the positive momentum driving LINK’s value.

Whale Activity Increases

In the past two months, wallets containing over 100,000 LINK tokens have added 5.69 million LINK to their holdings. Meanwhile, smaller wallets holding less than 100,000 LINK sold 5.67 million LINK collectively during the same period. The redistribution pattern highlights a common market dynamic in which retail investors sell coins that are subsequently accumulated by larger players, often signaling potential market growth.

Whale activity around LINK remains robust. Etherscan data revealed that a whale transferred LINK tokens worth $1.7 million from Coinbase on Thursday. Similarly, Donald Trump’s World Liberty Finance reportedly purchased $1.15 million worth of LINK tokens.

Exchange balances for LINK have also seen a steady decline. Over the past week, tokens on exchanges fell to 254.4 million, continuing a downward trend observed in recent months. User activity has also surged, with blockchain analytics firm IntoTheBlock reporting an average of 8,220 daily active LINK addresses—a 142% increase compared to last month.

Growing Adoption in the Chainlink Ecosystem

The rising activity and interest reflect growing adoption and engagement within the Chainlink ecosystem. Recent collaborations and developments likely influenced the surge, reinforcing the token’s expanding role in decentralized finance (DeFi).

Chainlink has secured major partnerships in recent months, including new collaborations with Coinbase and Emirates NBD, a prominent financial institution with assets exceeding $200 billion. Further solidifying its dominance, Chainlink has become the largest Oracle network by total value locked, overseeing over $40 billion—more than the combined total of the next ten Oracle networks.