The popular on-chain data platform, Santiment, has made a comment on the latest LINK price increase. It comes in the midst of the very volatile crypto market while some assets are recording losses. The general question has been; what could have been responsible for LINK’s sudden price miracle?
Behind the Spike
Santiment’s analytic team has worked around a number of possible reasons. But they eventually narrowed it down to two possibilities. They postulate two possible reasons that could have been responsible for propelling LINK’s price beyond $9.
To that effect, Santiment recently posted a tweet that detained the recent development. LINK jumped to hit $9.2 for a brief moment which it has not gotten to since mid-August.
The Santiment analysts believe that it was caused by the huge activities that were seen around LINK wallets. LINK wallets saw a lot of whale movements in the last month such that it dwarfed the activities of previous months.
Apart from that, traders have also been doing things within their power to push up the asset’s price. They have been aggressively long-shooting the altcoin. It, therefore, hauled the rate into a spike.
At the time of this report, LINK sells for $8.667. It has gone lower than the three months high it reached a short while ago. Nevertheless, it is still about 6% higher on the 24-hour chart.
Chainlink made media rounds last week when it announced a new major partnership it was going into. It announced the Seedify Fund deal where the company is a global top technology incubator. It will also provide a launchpad for its distinguished ledger technology games, its NFTS, and the metaverse.
The partnership will enable Chainlink to execute some of its core projects. For one, it will be able to support its NFT and GameFi expansion through its oracle operations.
While at that, the LINK token community, the LINK Marine, is eagerly expecting Chainlink to launch its stakes. Although the launch date is yet to be announced, LINK whales are observed to be buying high volumes of the token.
The number of LINK wallets that possess more than 100,000 LINK tokens rose to 459 at the end of October. It is the highest accumulation rate since the middle of 2017. That was also one of the contributing factors to the sudden rise of the asset’s price.