LINK Surges After Massive Purchase, Records All-Time-High Wallet Numbers

Bits Logics Team . 06th Nov 2023
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  • Lookonchain reported a ‘smartmoney’ bought 312,901 LINK at an average price of $12.17. 
  • LINK, priced at $12.56, observed a double-digit spike of 10.85% in seven days.
  • The RSI is pointed downward, and if it continues to move down, a bearish cross may occur.

Lookonchain, a market on-chain analytics platform, recently reported on X that a ‘smartmoney’ bought 312,901 LINK at an average price of $12.17. The platform also notified the crypto community that, earlier, smartmoney also traded with 10 tokens, making a total profit of $3.9 million. Observing Lookonchain’s analyses, it seems that the investor made a profit on crypto assets such as LDO, RLB, RPL, FLEX, and DYDX. 

Looking at the weekly chart, LINK observed a double-digit spike of 10.85% in seven days. Moreover, the altcoin is trading near its daily high of $12.69 as it changes hands at $12.56. LINK’s market cap is valued at $7,000,553,855 after observing a spike of 3.21% in one day. The trading volume, valued at $710,158,930, also experienced a spike of 13.70%, which could suggest that traders’ demand may be rising or that it could have been affected by the recent purchase.

It seems that LINK’s demand from investors grew drastically after another market intelligence platform also reported the changes. Santiment, a market intelligence platform, reported that Chainlink had reached $12.50 during the weekend for the first time since April 2022. On top of that, the platform also observed that the number of wallets that held at least more than 1,000 LINKs hit a new all-time high of 27,152 wallets. 

LINK/USDT 4-Hour Chart (Source: TradingView)

Looking at the LINK/USD 4-hour chart, the candlesticks are touching the upper band of the Bollinger Bands while it continues to form green candlesticks. The RSI has also climbed above the SMA, often seen as a positive sign among traders. However, the RSI is pointed downward, and if it continues to move down, a bearish cross may occur.