Recent data indicates an increase in the number of Chainlink holders, suggesting the formation of an altseason.
Increase in Chainlink Holders
According to Santiment, the number of non-empty Chainlink wallets rose by 7,903 over the past month, marking a 1.05% increase. The total holder count has reached a record 769,380.
Decline in Wallet Activity
Active Chainlink wallets have decreased by 17.3% over the past year. Analysts suggest this indicates reduced short-term speculation and lower risk for new buyers. In past cycles, such decreases in wallet activity corresponded with favorable long-term buying opportunities.
LINK's Market Prospects
Given that LINK’s MVRV is still far from overheated levels, the data hints that Chainlink may be in an opportunity zone. The combination of increasing holder numbers and tempered short-term activity could foreshadow significant price movements in the near future.
The blend of growing network strength and moderated market activity may position Chainlink as a significant player in the upcoming altseason.
