Chainlink (LINK), an Oracle service provider, experienced a significant spike over the previous weekend. As a result, the price of Chainlink (LINK) increased to $8.
The cost of LINK is now $7.89 as of the time of publication. The estimated market value is $3.8 billion.
Reasons That Prompted the Surge
The weekend’s notable whale activity served as the impetus for the price rise in LINK. LINK whale transactions also simultaneously increased to their most significant level in the previous four months. Santiment, an on-chain data provider, provided this information.
Chainlink whales have been particularly busy this weekend, Santiment continued. This is taking place as market prices have already teased the $8 level.
It highlighted that 33 distinct $LINK transactions totalling more than $1 million took place on Saturday. According to Santiment, this was the day with the most whale activity since June 27th.
Cryptocurrency traders and investors have been monitoring Chainlink (LINK). This observation has been ongoing for the last month.
Whale activity has been consistently vigorous during the whole month of October.
Currently, Chainlink faces a massive hurdle in the $8 pricing (LINK). However, a breakout over the same might set up LINK for a significant upswing in the following days and weeks.
The share price of Chainlink has remained constant between $6 and $8. This has been the situation for a very long time.
Binance, a cryptocurrency exchange, unveiled a new network last week. The brand-new network, named Oracle Network, will directly compete with Chainlink.
The Case of Chainlink and Comparable Altoins
The recent week saw a sharp rise in the alternative cryptocurrency market. Shiba Inu and Dogecoin (DOGE) saw significant price increases (SHIB).
Additionally, the memecoin fest was happening at the moment. As a result, the DOGE is trading at more than 100% gains on the weekly chart.
However, a considerable course correction has already started. Dogecoin (DOGE) is now at $0.12, down 8.68% from its previous price.
At the time of writing, the market value of Dogecoin (DOGE) was $13.8 billion.
Along with memecoin, Ethereum (ETH) also saw a significant upswing. On its weekly chart, Ethereum (ETH) is presently almost 20% higher. This month, the second-largest cryptocurrency outpaced Bitcoin.
Ethereum still commands a higher price than Bitcoin and most other cryptocurrencies, according to analysis from on-chain data provider Santiment.
This is also the case as October draws to a close. A spike in the number of new $ETH addresses created has caused this.
For the upswing to continue confidently, address activity will likely need to increase.