Chainlink has shown positive momentum, recovering its price to $20 while experiencing significant involvement from large investors.
Chainlink Price Recovers After Drop
Chainlink has risen for four straight days since August 5 and regained the $20 price mark. Since reaching a low of $15.43 on August 3, the price peaked at $21.46 on Saturday. As of press time, Chainlink was trading at $21.04, up 8.25% in the last 24 hours and 32% weekly.
Whale and Large Holder Activity
With the price rise of Chainlink, there has been a significant surge in large transaction volumes, indicating whale activity. According to IntoTheBlock data, the large transaction volume amounted to 60.76 million LINK or $1.21 billion, marking an 863% increase in the last 24 hours. Notably, the number of wallets holding from 100,000 to 1 million LINK has increased by 27 since the beginning of August, representing a 4.2% growth.
Launch of Chainlink Reserve for Sustainable Growth
This week, Chainlink announced the launch of Chainlink Reserve, a new upgrade aimed at creating a strategic on-chain reserve of LINK tokens. This reserve is intended to support the long-term growth and sustainability of the Chainlink network by accumulating LINK tokens through off-chain revenue from major organizations adopting the Chainlink standard.
Chainlink continues to attract attention from investors, showcasing confident growth and whale activity. The launch of Chainlink Reserve may symbolize a significant step towards the future integral development of the network.
