Following an impressive 126.19% increase in the past month, Chainlink (LINK) seems to be in a period of consolidation, with a slight 1.29% decline in the last 24 hours.
This adjustment is viewed as a healthy pullback that could lay the groundwork for a renewed upward trend.
Signals from CryptoCrypto indicate that despite the current retracement, market conditions for LINK are conducive to another potential rally, reminiscent of the bullish run seen last month.
Emerging Participants Point towards a Possible Surge
Data from IntoTheBlock highlights a notable increase in the creation of new addresses linked to Chainlink.
Presently, more than 4,000 fresh addresses have been generated, signaling a renewed interest in the asset, possibly indicating upcoming investments.
If these new participants lead to substantial buying activities, the ensuing demand may propel LINK’s value higher, further reinforcing its recent positive trajectory.
Surge in Significant Transactions and Trading Volume
December has witnessed a significant surge in large transactions and trading volumes, typically associated with investors holding around 1% of the total asset’s supply.
In the previous week, the number of large transactions hit 1.98 K, amounting to a total volume of 34.34 million LINK, valued at $858.08 million.
While the volume slightly dropped in the last 24 hours to $290.99 million, it still signified sustained upward market activity.
Interestingly, the upsurge in substantial transactions occurred alongside stable or slightly decreasing prices.
This behavior often suggests accumulation, hinting that major investors are positioning themselves for potential gains in LINK’s future performance.
Long-term Holding Patterns of LINK Tokens
The average duration of holding LINK tokens has notably extended to 1.9 years, according to the Average Time Token is Held metric.
On average, LINK tokens stay inactive in wallets for almost two years before being traded.
Such prolonged holding behaviors suggest that significant traders acquiring the asset may retain their positions for a similar time frame.
This trend acts as a solid indicator of investor confidence and a clear indication of the intention to drive LINK’s price upwards in the long run. It demonstrates a growing trend among holders to perceive the asset as a lasting investment.