LINK Shoots up 30% in 5 Weeks as Chainlink Whales Load up But What is Driving Momentum? 

According to on-chain data from analytics provider Santiment posted on October 17, LINK has made 30% over the past five weeks or so.

It reported that whale wallets with 100,000 to 1 million LINK tokens “have accumulated aggressively,” with $38.5 million worth added in the past week alone. 

“Their moves are more relevant than small retail traders taking profits,” it added. 

Furthermore, LINK has added 20% over the past month, however, the yearly chart shows a lot of chops between $6 and $8. 

#Chainlink sits at $7.51, now +30% in the past 5 weeks. In this time, wallets with 100K-1M $LINK have accumulated aggressively, with $38.5M in coins added in the past week alone. Their moves are more relevant than small retail traders taking profits. https://t.co/Y6NA3GaCeG pic.twitter.com/0oRGlk5Lnt

— Santiment (@santimentfeed) October 16, 2023

Chainlink Fundamentals Strengthening 

On October 16, Chainlink posted its latest adoption update, stating that there were nine new integrations of five Chainlink services. These were deployed on several different chains, including Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Optimism, and Polygon.

The services and integrations included DeFi and Web3 platforms. 

⬡ Chainlink Adoption Update ⬡

This week, there were 9 integrations of 5 #Chainlink services across 7 different chains: @arbitrum, @avax, @BuildOnBase, @BNBCHAIN, @ethereum, @optimismFND, and @0xPolygon.

New integrations include @ArchlyFinance, @ArkhamIntel, @bullionlabs,… pic.twitter.com/jvlri54eI7

— Chainlink (@chainlink) October 15, 2023

There has also been a lot of narrative with Chainlink and real-world asset tokenization recently. However, Chainlink doesn’t tokenize real-world assets; it provides decentralized data and price oracles. 

Chainlink’s cross-chain interoperability protocol (CCIP) is well-positioned to connect the many private and public blockchains that will exist for this asset class. Moreover, tokenized RWAs need connectivity between blockchains to access counterparties and liquidity. 

Chainlink also provides services like Proof of Reserve and data feeds that showcase necessary data to enrich tokenized assets as they flow between chains. 

Last week, K33 Research published a report on the growing trend of real-world asset tokenization. Research analyst David Zimmerman said LINK would be a good bet for profits when RWA takes off:

“If we wish to have exposure to the RWA narrative and avoid being sidelined when it takes off, LINK is the safest bet.”

Chainlink has also been collaborating with SWIFT and Australian bank ANZ on cross-chain capabilities involving real-world assets. 

“This is what true asset interoperability looks like.”@AnuragSoin, product lead digital asset services at @ANZ_AU, explains the benefits of using #CCIP to abstract away blockchain complexity for real-world asset use cases https://t.co/KBaiZL3mwc pic.twitter.com/BYvlfsPXvt

— Chainlink (@chainlink) October 16, 2023

LINK Price Outlook 

LINK has gained marginally on the day, trading at $7.48 at the time of writing. Furthermore, the asset has made 30% since its mid-August dump to $5.76. 

However, massive resistance remains at the $8 level, which has been tough to overcome this year. 

LINK remains down 86% from its May 2021 all-time high of $52.70, so there is plenty of room for movement. 

The post LINK Shoots up 30% in 5 Weeks as Chainlink Whales Load up But What is Driving Momentum?  appeared first on CryptoPotato.