On-chain information reports that cryptocurrency whales are weighing on this altcoin project. Decentralized Oracle Chainlink (LINK) hit a 4-month high over the weekend as a result of whale activity. After the whale movements, it shows that there is a rally in the LINK price.
Whales rushed to this altcoin project
As we have reported as Koindeks.com; Last weekend, Oracle service provider Chainlink (LINK) hit as high as $8. Having experienced a strong rise, LINK caught the attention of crypto investors. LINK continues to trade at $8.18 with a market cap of $4,064 billion. The rally in LINK price continued throughout the weekend. It is reported that this is due to a strong whale activity. According to Santiment data, whale processes in altcoin reached the highest level in 4 months at the weekend. Santiment shared:
Chainlink whales have been quite active this weekend, with the market price hovering around $8 several times. On Saturday, we witnessed 33 different LINK processes worth over $1 million. This was the highest day of whale activity since June 27.
Over the past month Chainlink (LINK) has been on the radar of crypto investors. Whale activity remained strong from October to this month. Currently, the $8 level is stated to be a strong resistance zone for Chainlink. A break above this level could prepare LINK for a strong rally in the future. For a long time, the altcoin has been consolidating strongly in the $6 to $8 price range. Along with these, Chainlink seems to be in competition with the crypto exchange Binance introducing Oracle Network last week.
Chainlink and other altcoins
Last week, the altcoin market witnessed a strong rally. Of the chest coin projects, both Dogecoin (DOGE) and Shiba Inu (SHIB) experienced significant increases. DOGE traded with over 100 percent interest on the weekly chart. However, looking at the current situation, it seems to be facing a sharp correction. Dogecoin (DOGE) is down 5% in the last 24 hours with a market cap of $13.8 billion. SOGE price is currently trading at $0.1207.
In addition to meme coins, Ethereum (ETH) was also bullish, gaining around 20% on the weekly chart. The President altcoin project has shown a clear price dominance over Bitcoin this month. The information in the on-chain data provider Santiment report is as follows:
Ethereum’s price dominance over Bitcoin and many cryptocurrencies continued as October approached. This happened in the wake of the spike in new ETH wallets being created. Address activity will likely need to rally to the confidently ongoing rally name.