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Chainlink, the blockchain oracle service provider, continues to keep impressive weekly gains. The token soared with the entire crypto market, bagging over 14% gains. The last week of October has been favorable for the entire crypto market.
Just a few days back, the entire crypto market cap crossed the $1 trillion mark. This bullish move acted as a catalyst for most tokens to register substantial gains, including Chainlink.
However, the daily chart has been bearish for most coins. Top coins like Bitcoin and Ethereum are facing measurable losses on the day. However, Chainlink has stood out of the crowd, refusing to drop to the red zone.
Chainlink Soars Thanks To Increased Whale Activity
Chainlink (LINK) made a significant rise this past weekend, surging all the way to $8. At the time of writing, LINK was trading at $7.84, giving the blockchain a market cap of $3.8 billion. Strong whale activity served as a backdrop to the LINK price spike over the weekend. On-chain information service Santiment reports that this past weekend saw the highest number of LINK whale transactions in four months.
Santiment 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, LINK has been on the radar of investors and crypto traders. This is evident in the number of whale activities throughout the month of October. The price of $8 is a significant resistance for Chainlink at the moment (LINK). If LINK breaks out above that level, it might be the start of a significant upswing. Chainlink has been strongly consolidating in the $6–$8 level for quite some time now.
LINK’s price is currently trading at $7.74. | Source: LINKUSD price chart from TradingView.com
Popular Analyst Sees Bullish Future For Chainlink
The cryptocurrency market was down for much of the day. While Chainlink is currently down 3.86%, it’s still one of the best performers among top tokens with a large market cap. One of the most-followed crypto analysts, Pentoshi (anonymously on Twitter), has expressed his optimistic view toward the asset. According to him, Chainlink’s chart has received the most attention over longer time horizons.
He instead prefers to talk about the upcoming Chainlink’s staking event, which is slated for December. Pentoshi argues that this will be the catalyst needed to drive LINK’s price to $12.45. At press time, the price of Chainlink is $7.83. So to meet the analyst’s objective, it would need to rocket by more than 55% from its current levels.
The expert continues by pointing out that the Total Market Cap of Crypto Index has recently hit a low. This index measures the total value of all altcoins, excluding Bitcoin and Ethereum. According to Pentoshi, the index will make an upward rise that will take it from $387 billion to roughly $456 billion. This signals a bullish outlook for the majority of the altcoins.
Featured image from Pixabay and chart from TradingView.com