Are Chainlink Sharks Gearing Up for a Major Move? LINK Price Breakout on the Horizon?

Chainlink (LINK) price action has been a challenging puzzle for crypto analysts as it continues its horizontal consolidation. Despite predictions of a breakout, the sideways movement that began in May last year persists. As per the latest crypto market data from Coingecko and Tradingview, Chainlink (LINK) has seen a 7.04 percent increase since September 5th, trading at approximately $6.38 during the early Asian session on Thursday.

Additionally, Chainlink has witnessed a substantial 33 percent spike in its average daily traded volume, reaching about $187 million. Meanwhile, the Chainlink network boasts a fully diluted valuation (FDV) of approximately $6.36 billion and a market capitalization of roughly $3.42 billion.

Market intelligence platform Santiment has conducted an on-chain analysis of Chainlink (LINK), revealing intriguing insights into accumulation patterns. According to Santiment, accounts holding between 10,000 and 100,000 LINK tokens have been actively accumulating. Notably, there are now 3,127 Chainlink accounts in this category, marking the highest level since December 3, 2022.

Santiment’s analysis also shows that Chainlink sharks, referring to larger holders, have added LINK tokens worth $9.6 million in the past three days. Consequently, Chainlink sharks collectively hold 0.154 percent of the entire circulating supply. Moreover, there has been an increase of 98 new Chainlink wallets holding between 10,000 and 100,000 LINK tokens since September 3rd, representing a growth of approximately 3.2 percent.

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