Chainlink’s Network Activity Soars Amidst Record Whale Transactions

Chainlink (LINK) has surged above $24 amidst increased activity and optimism seen across on-chain metrics.

As the token rallied by almost 45% this week, investors now await more gains.

$24 Isn’t the Ceiling

In its latest tweet, crypto analytics firm Santiment reported 6,463 active LINK addresses, which marked an eight-month high. This milestone is accompanied by 4,624 whale transactions of more than $100,000—the highest in seven months.

Social sentiment has also spiked. The analytics company recorded 3.3 bullish comments for every bearish one, which happens to be the most favorable ratio in four months. This indicates that “Chainlink marines” are showing their strongest bullishness since February 1, coinciding with LINK’s climb to the 11th-largest cryptocurrency by market capitalization.

To top that, over the past 48 hours, roughly 2 million Chainlink tokens have been withdrawn from cryptocurrency exchanges, according to data shared by crypto analyst Ali Martinez.

Such large-scale withdrawals of this magnitude can be interpreted as a sign that investors are moving assets into long-term storage, potentially reducing immediate selling pressure on the market.

While LINK still trades well over 50% below its May 2021 peak, experts are confident that the asset is poised for more growth. In fact, crypto trader “Johnny,” for one, believes that LINK appears to be “ready for round 2.”

Additionally, crypto analyst Miles Deutscher also said that LINK might be the “most obvious large-cap play” for this cycle.

Bridging Wall Street To Blockchain

On the technical side of things, Chainlink has launched a new product, Data Streams for US equities and ETFs. The main objective is to bridge traditional finance (TradFi) and decentralized finance (DeFi) by enabling tokenized stocks and ETFs on-chain.

The feature provides real-time pricing for major assets like CRCL, QQQ, NVDA, and MSFT across 37 blockchain networks, which gives developers access to live, contextual market data for use in tokenized stock trading, perpetual futures, and synthetic ETFs.