Chainlink’s immense momentum shows some slight indications of slowing down following the cryptocurrency set fresh all-period highs yesterday.
This slow-down doesn’t by way of a rejection be marked at all, although it has faced a few slight resistance above its current cost level which has slowed its advance just.
As for what could possibly be fueling this bullish price actions immensely, on-chain data suggests that Hyperlink has seen substantial growth in its investor bottom in the last several months.
This growth has been in conjunction with news of recent integrations, including that with the Chinese Blockchain Services Network (BSN) – which is using Chainlink oracles to improve the efficiency and security of transactions.
Chainlink sees 100% surge in investor base size since the start of 2020
2019 was an excellent year for Chainlink. The cryptocurrency found itself caught in a intense and unwavering uptrend that came into being regardless of the turbulence seen by Bitcoin and all of those other market.
This uptrend didn’t result in 2020 either, because the cryptocurrency continued the parabolic advance that ultimately led it to highs of nearly $5.00.
Although the mid-March meltdown seen when Bitcoin reeled from $8,000 to $3,800 did strike a blow to LINK, its price has since seen a notable rebound. This week it retested its all-time highs just.
Its intense uptrend is apparently backed by way of a growing and robust band of investors.
Data from analytics platform Glassnode implies that the amount of Chainlink investors has been climbing steadily throughout 2020.
In total, they remember that there are a lot more than 160 now,000 addresses that hold LINK. Of the entire year this number is continuing to grow by 100 percent because the start.
“The true amount of LINK token holders continues to see a steady increase in 2020. There are a lot more than 160 currently,000 addresses holding LINK – a rise of 100% since the start of the year.”
Whales are taking notice of LINK’s underlying strength
Retail investors aren’t the only real ones that are driving Chainlink’s immense uptrend.
Research platform Santiment recently revealed that there surely is a rising level of “high-end” token investors who hold between 1m and 100k tokens. In line with the cryptocurrency’s current price, this means between $478k and $4.78m.
“There are always a rising quantity of high-end holders of LINK that hold between 1m and 100k tokens. This chart means holders with current USD values of $478,000 to $4,780,000.”
Because Chainlink’s rise is a macro uptrend that is driven by new integrations and an evergrowing investor base, there’s a chance that it will end up being sustainable in the months ahead highly.