Despite recent market struggles, Chainlink has managed to stage a notable recovery. Over the past 24 hours, the altcoin rose by over 16% amidst high volatility.
During this period, the top LINK wallets were found to have increased holdings to 18.15% of supply.
LINK Surges After Market Dip
Chainlink (LINK) has shown a notable rebound following a market-wide downturn, recovering from a low of $13.18 on Tuesday to reach $15.42, according to Santiment’s latest update. In the following hours, LINK even surpassed the $16 mark.
The analytics firm observed that the asset is currently experiencing “abnormally” high trading volume and volatility. Additionally, Santiment pointed to the top five LINK wallet holders, whose stashes continue to grow and now account for 18.15% of the total supply, worth approximately $2.93 billion.
This accumulation trend among major holders suggests continued confidence in the asset despite recent market turbulence. This aligns with LINK recently recording the highest whale activity in 14 months.
However, the movement of 2.23 million LINK tokens to crypto exchanges over the last two weeks risks derailing the bullish momentum as such actions suggest increased selling pressure or potential market activity. When large amounts of cryptocurrency are transferred to exchanges, it often indicates that holders may be preparing to sell, which can lead to downward price pressure.
LINK Among Top Contenders for US Strategic Reserve Inclusion
Meanwhile, LINK has also been identified as a potential candidate for inclusion in the US strategic reserve, according to CryptoRank’s latest tweet. While Trump has hinted at the inclusion of certain cryptocurrencies like XRP and ADA, he has also mentioned “other valuable cryptocurrencies,” leaving room for speculation about LINK’s potential inclusion.
As such, CryptoRank sees LINK, alongside Litecoin (LTC), Polkadot (DOT), and Hedera (HBAR), as a more viable option than meme coins such as Official Trump (TRUMP), Official Melania (MELANIA), Bonk (BONK), and even Dogecoin (DOGE).
Additionally, Chainlink has also been leading the development activity in the real-world assets (RWA) sector. The decentralized oracle network was found to have surpassed rivals like Ethereum-based synthetic asset platform Synthetix (SNX), and privacy and tokenization-focused Dusk Foundation (DUSK), among others.
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