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Chainlink’s 143% market cap surge beats Bitcoin’s growth: Report

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In the rapidly surging cryptocurrency landscape, it has been observed that institutional investors, along with top crypto whales, are showing strong interest. Following this cryptocurrency surge, recent data from Santiment, an on-chain analytic firm, has gathered everyone’s attention as Chainlink (LINK) whales have accumulated a significant amount of LINK tokens in the last five weeks.

If we analyze the data closely, it is evident that the top 200 wallets have added over $50 million worth of LINK in the last five weeks. Over the past five months, Chainlink’s market cap has also surged significantly by 143%, and it is up by 93% compared to Bitcoin. 

Additionally, Chainlink is outpacing other altcoins due to this staggering accumulation by these crypto whales. This consistent investment indicates a bullish trend and suggests growing confidence and interest in Chainlink among major players in the crypto market.

Currently, LINK is trading near $15.75, and in the last 24 hours, it has shown a significant 6.5% upside momentum. However, when considering the data on a longer time frame, it reveals that in the last 30 days, LINK has shown a significant 42% upside momentum, surpassing the world’s largest cryptocurrency, Bitcoin, as well as many other altcoins.

Solana, Avalanche, Polygon, and Cardano outperform Bitcoin

In addition to Chainlink’s LINK token, other top cryptocurrencies such as Solana (SOL), Avalanche (AVAX), Polygon (MATIC), and Cardano (ADA) have also shown a significant price surge in the last 30 days. All these tokens have outperformed Bitcoin during this period.

Nevertheless, according to expert technical analysis, it has been observed that on the weekly time frame, LINK experiences strong resistance near $16.58. This marks the fourth consecutive week that LINK has experienced this level. Earlier this week, LINK made a reversal from this resistance level. Closing above $16.58 is a critical level; if LINK breaches this level, we may see another significant price surge.

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