Chainlink [LINK] has recently demonstrated an impressive monthly surge of 126.19%, entering a phase of consolidation with a slight 1.29% dip in the past 24 hours.
This decline is seen as a healthy retracement that might pave the path for renewed upward movement.
Insights from CryptoCrypto indicate that while LINK is experiencing a temporary pullback, the market conditions strongly support another rally, echoing the bullish trend observed last month.
Emerging Participants Suggest Possible Surge
Data from IntoTheBlock reveals a notable upsurge in the establishment of new LINK addresses.
Presently, more than 4,000 fresh addresses associated with Chainlink have been created, signaling a growing interest in the asset, potentially from investors gearing up to invest.
Should these new participants drive substantial acquisitions, the resulting demand could propel LINK’s value upwards, building on its recent positive momentum.
Elevated Volume and Sizeable Transactions Surge
December witnessed a remarkable increase in both large transaction counts and volumes, typically linked to investors holding a minimum of 1% of the asset’s total supply.
Over the past week, the number of significant transactions spiked to 1.98 K, involving a combined volume of 34.34 million LINK valued at $858.08 million.
Although the volume slightly dropped in the last 24 hours to $290.99 million, it still suggests ongoing upward movement.
Notably, the surge in substantial transactions coincided with stable or marginally decreasing prices.
This trend often indicates accumulation, hinting that major investors are strategically positioning themselves for potential growth in LINK’s future performance.
Long-Term LINK Holding Signals…
The average period of holding LINK has notably increased to 1.9 years, as per the Average Token Holding Duration metric.
On average, LINK tokens remain dormant in wallets for almost two years before being actively traded.
Such prolonged holding durations indicate that significant traders accumulating the asset may intend to retain their positions for a similar timeframe.
This pattern serves as a robust signal of investor confidence and a clear intention to boost LINK’s value over the long haul. It showcases a growing inclination among holders to perceive the asset as a lasting investment.