Chainlink (LINK), one of the altcoins that are the focus of whales’ attention, is making a name for itself with its silent rise.
LINK price has increased by 38.9% in the last week and has also broken new records.
Cryptocurrency analysis platform Santiment stated that LINK earnings reached an eight-month high, while LINK saw the most whale transactions in the last seven months.
Why is Chainlink Rising?
While analyzing the reasons behind LINK’s surge, popular crypto analyst Miles Deutscher also provided an updated analysis. He stated that the biggest reason behind the surge is Chainlink’s facilitation of blockchain integration with Wall Street giants.
The analyst said that Chainlink’s partnership with US-based Fortune 500 company Intercontinental Exchange (ICE) to bring foreign exchange and precious metals data onto the chain is among the biggest reasons for the rise.
Secondly, the analyst stated that the rise was due to the launch of the Chainlink Reserve program.
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The analyst pointed to the rise of tokenized real-world assets (RWAs) as a third reason. Accordingly, LINK is the market leader with an 84% share of the entire Oracle market on Ethereum.
It was stated that another reason that fueled the rally was that whales were actively buying LINK.
Miles Deutscher recently suggested that the LINK price could rise even higher. “LINK could be the most obvious big mover this cycle,” Deutscher said. “But most people will miss it.”
https://x.com/milesdeutscher/status/1955736122228924614
*This is not investment advice.