Chainlink’s native token, LINK, has recorded a significant price increase, coinciding with notable accumulation by large holders and recent enhancements to its oracle network. The cryptocurrency surged approximately 13% over the past day, pushing its price to $18.89, while trading volume spiked 300%.
Blockchain data reveals substantial buying activity by major investors. Throughout August, wallets holding between 100,000 and 1 million LINK tokens increased their holdings by 4.2%, collectively accumulating 0.67% of the entire token supply.
The price spike follows upgrades boosting Chainlink’s utility and adoption. Notable developments include the launch of Data Streams for U.S. equities pricing and the introduction of the Chainlink Reserve feature.
Technical indicators suggest a continuation of the positive momentum may be possible. Analysts point to a resistance zone between $20.50 and $21 as the potential next target if the current accumulation trend by large holders persists.