Chainlink Price Analysis: Is LINK Ready to Break Out of its Sideways Trend?

Chainlink (LINK) has continued its horizontal consolidation, presenting a puzzle for crypto analysts despite predictions of a breakout. The sideways movement, which began in May last year, persists as per the latest crypto market data from Coingecko and Tradingview. On September 5th, Chainlink (LINK) recorded a 7.04 percent increase in price, trading at around $6.38 during the early Asian session on Thursday.

In addition to the price surge, Chainlink has also witnessed a significant 33 percent spike in its average daily trading volume, reaching approximately $187 million. Meanwhile, the Chainlink network showcases a fully diluted valuation (FDV) of about $6.36 billion and a market capitalization of roughly $3.42 billion.

Read More: Chainlink Trading Sideways for Over 15 Months- Is It Still A Good Investment Option?

Patterns of Accumulation – DECODED!

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

Santiment’s analysis also highlights that larger holders, known as Chainlink sharks, 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.

Related: Crypto Market Analysis: Major Tokens Remain Flat; Here’s What’s Incoming for Bitcoin & Altcoin