Chainlink ($LINK) Price Hits Yearly High as Whales Accumulate and Network Activity Soars

Over the last month, decentralized oracle platform Chainlink ($LINK) has seen its price surge by more than 45% to a multi-month high amid a market-wide recovery. The cryptocurrency has hit its highest level so far this year as a result, and is now trading at $10.2 a token.

Beginning in early September, Chainlink found its footing and sparked a significant recovery that is still ongoing. According to data from on-chain analytics firm Santiment, the network’s recent surge came amid a 3-month high in whale transactions, unique interacting addresses, and trading volume.

While a number of altcoins are enjoying the benefits of Bitcoin redistribution, LINK has distinctly stood out. Data from the crypto analytics platform highlighted a remarkable surge in network activity, especially on October 21st, with LINK token recording over 220 whale transactions each exceeding $100,000.

Moreover, the unique addresses interacting with LINK soared to nearly 5,000, while the Chainlink network logged over 800 million in trading volume. This intensified accumulation by whales has propelled the cryptocurrency to register a 37% weekly gain.

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Notably, the decentralized oracle network launched in August for early access users its Cross-Chain Interoperability Protocol (CCIP), aiming to bolster cross-chain applications and services.

The protocol is now functional for these users on the Avalanche, Ethereum, Optimism, and Polygon blockchains, after the protocol was tested by at least 25 partners that are now starting to move to the mainnet.

These partners include major decentralized finance protocol Aave and the decentralized liquidity platform, Synthetix. The protocol, according to the Chainlink team, will soon be adoptable by other leading decentralized finance protocol.

The interoperability protocol has been a key component behind Chainlink’s partnership with SWIFT, the international payment and messaging system predominantly used by banks worldwide.

Featured image via Unsplash.

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• Source: https://www.cryptoglobe.com/latest/2023/10/chainlink-link-price-hits-yearly-high-as-whales-accumulate-and-network-activity-soars/