- Institutional investors and affluent individuals have been increasingly accumulating Chainlink (LINK) over the past week, according to data from Lookonchain.
- Analysts noted that 54 newly created wallets have collectively withdrawn 2.08 million LINK, valued at approximately $30.3 million, from Binance in the last seven days.
- The most significant transactions included two large whale wallets, each moving around $2 million worth of LINK, which has shown notable recovery in the last couple of days.
Recent on-chain activity indicates a growing interest in Chainlink (LINK) among institutional investors, suggesting a potential bullish momentum ahead.
Chainlink Gains Momentum
After a steep decline in June, where LINK prices plummeted to a monthly low of $13 on June 24, the ecosystem has shown strong recovery and development activity.
The Chainlink network reported 12 new integrations of their services across eight different blockchains by the end of June. Specifically, their Data Streams product was successfully launched on the Avalanche network, signaling continued ecosystem growth.
Community insights reveal that Chainlink now boasts 2,566 integrations, with 165 projects incorporating its Cross-Chain Interoperability Protocol (CCIP). Additionally, Chainlink has surged to the second position in developer activity rankings, as reported by Santiment.
In late June, Coinbase made headlines by filing for a LINK futures product with the Commodity Futures Trading Commission (CFTC), further driving momentum for LINK.
Growing Developer Activity
Leading analytics platform Santiment ranked Chainlink as the second most active project in terms of developer activity, measured by non-redundant contributions over the past 30 days. This heightened activity underscores the project’s ongoing technical progress and community engagement.
“🧑💻 Here are crypto’s top coins by development frequency. Hedera remains at the top spot, with Chainlink sliding into the #2 position,” tweeted Santiment on July 1, 2024.
Investors should also be cautious about scam accounts on X that falsely promote a LINK-backed gaming platform called “Chainlink Galaxies.” Verification of official Chainlink accounts is advised to avoid falling prey to such scams.
LINK Price Analysis
LINK’s price exhibited a slight uptick of 1% today, peaking at $14.66 during the Asian trading session. Over the past week, the asset has rebounded by approximately 13% from its late June low.
Despite this recovery, LINK remains on a downward trend from its 2024 high of $21.70 in mid-March and is still 74% below its all-time high of $52.70 set in May 2021. However, the narrative around real-world asset (RWA) tokenization keeps investor confidence high, with potential for strong performance during the next altseason.
Conclusion
Overall, Chainlink’s recent developments and institutional accumulation suggest promising future growth. As the ecosystem expands and real-world use cases for LINK increase, investor sentiment remains optimistic about its long-term potential in the cryptocurrency market.
