Chainlink Increased by Almost 20% Last Month
Altcoin Chainlink (LINK) has seen a 19.75% increase over the past month. On July 21, LINK attempted to break its previous resistance of $8.5, though was unsuccessful and fell below $8 instead.
Last week, it managed to reach $8.2 on July 28, only to retreat again on the weekend. On the night of Tuesday August 1, LINK plummeted to $7.62.
Whale activity surged that Thursday, with the amount of transactions over $1 million reaching a 2023 high of 22.
This, coupled with an increase of 340% in participation from those controlling between 100,000 and 10 million LINKs, caused the increase in value.
As whales began to depart from the market at the end of the week, LINK faced a rollback.
This event increased the number of LINK holders with between 100,000 and 10 million to 28% of the total cryptocurrency supply, compared to 26% in early July.
The launch of CCIP and the altcoin’s involvement in Web3 projects have proven to be key factors that gained the attention of many investors. An RSI drop points towards LINK being oversold, with a resistance zone having come into form between $7.8 and $8.2.
