Quietly, cryptocurrency Chainlink (LINK) recorded a huge amount of old coins moving through wallets on November 29, according to a survey by the analysis platform, Santiment. Will this move drive LINK's rally soon?
The platform highlighted in its analysis that, generally, large movements in old currencies are followed by large price movements. A fact that happened with Chainlink in September, which experienced an increase of 31%.
“Chainlink quietly had a huge amount of old coins moving wallets today. Big moves in older coins are typically followed by big price moves, which is what occurred on September 15th, resulting in a +31% increase in the price of $LINK over the next 2 weeks,” he wrote.
🔗📊 Link #Chainl has quietly had a massive amount of older coins moving wallets today. Big older coin movement is typically followed by big price movements, which is what occurred September 15th, resulting in a +31% $ LINK price climb the following 2 weeks. https://t.co/Cb1TGg3hvG pic.twitter.com/Vh7zYrE6oa
- Santiment (@santimentfeed) November 29, 2023
At the time of publication, Chainlink price was priced at $14,84 up 3.9% in the last 24 hours. The cryptocurrency recorded a trading volume of US$634.158.490 during this period. In the last 30 days, LINK showed very significant growth, increasing its price by 30.3%.
It is worth remembering that cryptocurrency expert, Ali Martinez, shared a new bullish analysis for the Chainlink (LINK) cryptocurrency, on November 22nd. Emerging on the rise, the LINK token has seen significant growth in its price in recent days.
As noted in his analysis, currently Chainlink was in a key demand zone, varying its price between the margins of $13,80 and $14,20. “Here, 11.470 wallets hold a substantial 23,5 million LINK“, highlighted the analyst.
Martinez highlighted the importance of remaining above the zone so that the Chainlink cryptocurrency can record new highs in its price.
Chainlink Announces Launch of Staking v0.2
In a significant milestone for the cryptocurrency ecosystem, Chainlink, a prominent decentralized oracle network, announced the imminent launch of Staking v0.2. This event, scheduled to take place in just three days, represents a fundamental step in the development of Chainlink, bringing notable improvements and increasing ease of access for users.
Unlike a simple update, Staking v0.2 is a considerable advance in the platform's features. This new version promises to introduce significant improvements, aiming to enrich the user experience. One of the most impressive changes is increased accessibility, making it easier to include a broader spectrum of participants in the ecosystem.