Chainlink (LINK) has surged past the $29 mark for the first time in over three years, sparking renewed enthusiasm within the crypto community.

This price breakout is being fueled by a notable accumulation trend among large-scale holders, including whales and sharks.

Over the past two months, wallets holding 100,000 or more LINK tokens have collectively acquired 5.69 million LINK. At the same time, smaller wallets holding less than 100,000 LINK have offloaded nearly an identical amount—5.67 million LINK—over the same period.

This shift in supply from retail traders to larger wallets mirrors a pattern seen throughout crypto history, where significant token accumulation by whales often sets the stage for market cap growth.

While this accumulation has contributed to LINK’s decoupling from broader market trends, its long-term success still hinges on Bitcoin’s performance. The leading cryptocurrency needs to maintain stability to support sustained momentum for large-cap altcoins like Chainlink.

For patient LINK holders, these developments may signal a positive outlook. The redistribution of tokens from impatient retail traders to larger, more strategic investors suggests the potential for continued growth, provided broader market conditions remain favorable.

As the market keeps a close eye on Bitcoin and broader crypto trends, LINK’s latest rally has underscored the importance of investor patience and strategic accumulation. For those willing to hold through market fluctuations, the rewards may come in the form of long-term gains.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: fellowneko/123RF // Image Effects by Colorcinch