Chainlink,<\/a> known as the leading Oracle network in the blockchain space, has not only outpaced the broader market but has also demonstrated impressive individual performance.<\/p>\n Over the last 24 hours, LINK has experienced a noteworthy surge, with a 6.1% increase in value and a striking 30% rise in the weekly chart. Currently ranked 11th among altcoins, LINK boasts a 24-hour trading volume of $3.31 billion and a market capitalization of $10.21 billion.<\/p>\n \ud83d\udcca #Crypto<\/a> market caps have edged up +0.5% over the past week, despite trading volumes dropping off -20.3% compared to the week prior. Highlight assets have included $FLR<\/a>, $RON<\/a>, $LINK<\/a>, $TAO<\/a>, and $RNDR<\/a>. #Bitcoin<\/a> continues seeing less attention as eyes turn to pumping #altcoins<\/a>. pic.twitter.com\/jMvJSTdV7c<\/a><\/p>\n \u2014 Santiment (@santimentfeed) February 5, 2024<\/a><\/p><\/blockquote>\n According to recent data from Lookonchain, a significant accumulation of LINK by a whale or institution has been observed, as evidenced by the withdrawal of 119,583 LINK (equivalent to $2.15 million) from Binance within the past hour. This strategic move indicates a growing confidence and interest in the long-term potential of the token.<\/p>\n It seems that a whale\/institution is accumulating $LINK<\/a>!<\/p>\n We noticed 4 fresh wallets withdrew a total of 119,583 $LINK<\/a>($2.15M) from #Binance<\/a> in the past 1 hour.https:\/\/t.co\/G09rO9rlwN<\/a>https:\/\/t.co\/Bby3SaN7cm<\/a>https:\/\/t.co\/0NowecVP2a<\/a>https:\/\/t.co\/dVX9K2CNeK<\/a> pic.twitter.com\/KJsY0w7F5W<\/a><\/p>\n \u2014 Lookonchain (@lookonchain) February 5, 2024<\/a><\/p><\/blockquote>\n Interestingly, as Bitcoin loses ground, LINK deviates from the prevailing market trend, indicating its unique position in the current market landscape. One major impetus behind the altcoin’s upward movement is the activation of previously dormant wallets that had remained inactive for an extended period.<\/p>\n This sudden resurgence has led to the highest age-consumed spike of 5.38 billion, calculated by multiplying the coins moved by the number of days those coins had been dormant.<\/p>\n The reintegration of LINK tokens into circulation is believed to have played a pivotal role in the recent surge in their price. However, market analysts remain cautious and are closely monitoring two crucial indicators in the upcoming weeks to assess the token’s potential for sustained growth.<\/p>\n Keeping tabs on dormant wallets and seeing how they affect the network’s circulation as a whole is the primary goal of the first statistic. The activation of dormant wallets has proven to be a significant driver of LINK’s recent price increase, and its continued impact will be closely watched.<\/p>\n A second indicator that could cause wallet liquidations and have a further effect on the price of LINK is the existence of FUD dynamics, which stand for fear, uncertainty, and doubt.![\"\"](\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/LINK.png?resize=925%2C60\")
<\/p>\nLINK price action. Source: Coingecko<\/pre>\n
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Chainlink currently trading at $19.66 on the daily chart: TradingView.com<\/a><\/pre>\n
Dormant Wallets And FUD Dynamics: LINK’s Monitoring<\/strong><\/h2>\n
\nAnalysts emphasize the importance of vigilant observation and analysis to identify any signs of FUD and its potential effects on the altcoin market.<\/p>\n