Chainlink (LINK) Shoots to $8 Amid High Whale Activity

Over the last weekend, oracle service provider Chainlink (LINK) made a strong move rallying all the way to $8. As of press time, LINK is trading at a price of $7.89 with a market cap of $3.8 billion.

The LINK price rally over the weekend came on the backdrop of strong whale activity. As per on-chain data provider Santiment, the LINK whale transactions touched a 4-month high over the weekend. It added:

“Chainlink whales have gotten quite active this weekend as market prices have teased the $8 level a few times. Saturday saw 33 different $LINK transactions exceeding a value of $1 million. This was the highest whale activity day since June 27th”.

Over the last month, Chainlink (LINK) has been on the radar of investors and crypto traders. The whale activity has remained throughout strong this month of October.

Currently, $8 serves as a strong resistance for Chainlink (LINK). A breakout above the same could set up LINK for a strong rally ahead. For a long time, Chainlink has been consolidating strong in the $6-$8 range.

In a fresh competition to Chainlink, crypto exchange Binance launched its Oracle Network last week.

Chainlink and Other Altcoins

Over the last week, the altcoin space saw a strong rally. Amid the memecoin fest, both Dogecoin (DOGE) and Shiba Inu (SHIB) saw their price pumping significantly. The DOGE is already trading at more than 100% gains on the weekly chart.

However, it has now entered a sharp correction. As of press time, Dogecoin (DOGE) is trading 8.68% down at a price of $0.12 with a market cap of $13.8 billion.

In addition to memecoin, Ethereum (ETH) witnessed a strong rally and is up nearly 20% on the weekly chart. The world’s second-largest crypto has shown clear price dominance over Bitcoin throughout this month. On-chain data provider Santiment reports:

“Ethereum’s price dominance over #Bitcoin and most of #crypto has continued as October is coming to a close. This has come following a spike in new $ETH addresses created. Address activity will likely need to recover for a confident continued rally”.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.