Like other altcoins in the market, Chainlink has experienced a massive downtrend following several catastrophic events in space. This year seems to bring the most impactful momentum for LINK’s price as it lost over 71% from its yearly highs.
However, LINK has been making a significant upward retracement in the last few days as the news of staking on the Ethereum mainnet has filled positive sentiments among investors.
Additionally, over the previous 48 hours, LINK witnessed an exponential spike in whale accumulation as holders found this staking a lucrative opportunity to generate astronomical rewards amid market turmoil.
Chainlink Whale Accumulation Sees New Highs!
Chainlink’s ecosystem is bullish on its future potential as it continuously introduces overwhelming enhancements to the network. Recently, the announcement regarding LINK staking on the Ethereum network has awakened whale investors with a ray of hope of a significant ROI in an upcoming bull run.
According to a prominent on-chain data provider, Santiment, whale holders holding between 1K-1 million LINK tokens have added nearly 26.8 million Chainlink to their portfolios. The firm further highlights that the whale accumulation rate has jumped by 12% in the last 30 days, signifying a substantial interest in pushing LINK’s price to the North.
Source: https://coinpedia.org/price-analysis/chainlink-staking-to-spark-bullish-surge/