Chainlink’s immense momentum has shown some slight signs of slowing down after the cryptocurrency set fresh all-time highs yesterday.
This slow-down doesn’t by any means mark a rejection, although it has faced some slight resistance just above its current price level that has slowed its advance.
As for what could be fueling this immensely bullish price action, on-chain data suggests that LINK has seen massive growth in its investor base over the past several months.
This growth has been coupled with news of recent integrations, including that with the Chinese Blockchain Services Network (BSN) – which will be using Chainlink oracles to increase the security and efficiency of transactions.
Chainlink sees 100% surge in investor base size since the start of 2020
2019 was a great year for Chainlink. The cryptocurrency found itself caught within an intense and unwavering uptrend that came about despite the turbulence seen by Bitcoin and the rest of the market.
This uptrend didn’t end in 2020 either, as the cryptocurrency continued the parabolic advance that ultimately led it to highs of nearly $5.00.
Although the mid-March meltdown seen when Bitcoin reeled from $8,000 to $3,800 did strike a blow to LINK, its price has since seen a notable rebound. Just this week it retested its all-time highs.
Its intense uptrend appears to be backed by a robust and growing group of investors.
Data from analytics platform Glassnode shows that the number of Chainlink investors has been climbing steadily throughout 2020.
In total, they note that there are now more than 160,000 addresses that hold LINK. This number has grown by 100 percent since the start of the year.
“The number of LINK token holders continues to see a steady increase in 2020. There are currently more than 160,000 addresses holding LINK – an increase of 100% since the beginning of the year.”
Image Courtesy of Glassnode
Whales are taking notice of LINK’s underlying strength
Retail investors aren’t the only ones who are driving Chainlink’s immense uptrend.
Research platform Santiment recently revealed that there is a rising amount of “high-end” token investors who hold between 100k and 1m tokens. Based on the cryptocurrency’s current price, this translates to between $478k and $4.78m.
“There are a rising amount of high-end holders of LINK that hold between 100k and 1m tokens. This chart translates to holders with current USD values of $478,000 to $4,780,000.”
Image Courtesy of Santiment
Because Chainlink’s rise has been a macro uptrend that has been driven by new integrations and a growing investor base, there is a chance that it will prove to be highly sustainable in the months ahead.
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