Rally

Strong

Chainlink

<p>Chainlink has been absolutely unstoppable in its recent rally with the LINK price shooting another 10% to $14.85 as of press time. Interestingly, the LINK price has surged close to $15 for the first time in 19 months. With this Chainlink has extended its weekly gains to 25% and monthly gains to a staggering 90%.</p>
<h3 id="strong-chainlink-accumulation">Strong Chainlink Accumulation</h3>
<p>On-chain data provider Santiment reported that the remarkable surge of Chainlink shows no signs of slowing down, with the 12th largest cryptocurrency by market capitalization continuing to outpace the rest of the crypto sector. Dormant tokens are entering circulation, and wallets holding 10,000 to 10 million $LINK have historically been accumulating.</p>
<figure id="attachment_163842" aria-describedby="caption-attachment-163842" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-163842" src="https://coingape.com/wp-content/uploads/2023/11/Chainlink-Accumulation.jpeg" alt="" width="1768" height="1075" srcset="https://coingape.com/wp-content/uploads/2023/11/Chainlink-Accumulation.jpeg 1768w, https://coingape.com/wp-content/uploads/2023/11/Chainlink-Accumulation-300x182.jpeg 300w, https://coingape.com/wp-content/uploads/2023/11/Chainlink-Accumulation-1224x744.jpeg 1224w, https://coingape.com/wp-content/uploads/2023/11/Chainlink-Accumulation-768x467.jpeg 768w, https://coingape.com/wp-content/uploads/2023/11/Chainlink-Accumulation-1536x934.jpeg 1536w, https://coingape.com/wp-content/uploads/2023/11/Chainlink-Accumulation-150x91.jpeg 150w" sizes="(max-width: 1768px) 100vw, 1768px">
 <figcaption id="caption-attachment-163842" class="wp-caption-text">
  Courtesy: <a rel="noopener noreferrer nofollow" href="https://twitter.com/santimentfeed/status/1722361571073298926" target="_blank">Santiment</a>
 </figcaption>
</figure>
<p>Analysts have already started giving free <a href="https://coingape.com/markets/chainlink-price-breakout-to-20-beckons-after-oracle-services-protocol-partners-with-rollup-finance/" target="_blank" rel="noopener noreferrer nofollow">Chainlink price targets of $20</a>. However, before that, the LINK price faces a <a href="https://coingape.com/markets/chainlink-price-validates-support-at-11-as-uptrend-targets-18-are-buyers-entering-now/" target="_blank" rel="noopener noreferrer nofollow">crucial resistance</a> at $18. Amid this mammoth price rally, the altcoin has climbed multiple ranks over the past few weeks and is now the 12th largest cryptocurrency with a market cap of just over $8 billion.</p>
<h3 id="growing-institutional-participation">Growing Institutional Participation</h3>
<p>Interestingly, there’s a strong sign of growing institutional participation in Chainlink during this current rally. GLINK, shares in Grayscale’s Chainlink Trust, have surged to a staggering 200% premium compared to the spot LINK markets.</p>
<p>Over the past week, prices of <a rel="noopener noreferrer nofollow" href="https://www.grayscale.com/crypto-products/grayscale-chainlink-trust" target="_blank">Grayscale Chainlink Trust (GLNK)</a> have skyrocketed by almost 100%, closing at $44 as of date, a substantial increase from the October 31 level of $21. Notably, each GLNK share represents only $12 worth of LINK, making it nearly three times more expensive than the actual value of the assets it holds.</p>
<p>The substantial spread was initially brought to the attention by ChainLinkGod, a prominent influencer and Chainlink community ambassador, on November 7. The data illustrates that the spread between GLINK and LINK has expanded from around 100% to 200% during the recent Chainlink rally.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">Grayscale Chainlink Trust <a href="https://twitter.com/search?q=%24GLNK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$GLNK</a> trading at a 200%+ premium over spot <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f914.png" alt="🤔" class="wp-smiley" style="height: 1em; max-height: 1em;"></p>
 <p>$39 per share, with 0.93482160 <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$LINK</a> per share <a href="https://t.co/0dxljSDzQ8" rel="noopener noreferrer nofollow">pic.twitter.com/0dxljSDzQ8</a></p>
 <p>— ChainLinkGod.eth (@ChainLinkGod) <a href="https://twitter.com/ChainLinkGod/status/1722053266043724107?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 8, 2023</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>The significant difference between GLINK and LINK prices is attributed to the doubling of the total value locked in GLINK, reaching approximately $4 million. CoinShares reported that the product has attracted $2 million worth of inflows in the past seven days. It’s essential to note that Grayscale Trust’s shares are securities, and access to them is exclusively available to sophisticated investors. ChainLinkGod added:</p>
<blockquote>
 <p>“While the AUM of $GLNK is only ~$4M, it’s interesting nonetheless to see the demand spike on a product geared towards institutional investors”.</p>
</blockquote>
<p>The post <a rel="noopener noreferrer nofollow" href="https://coingape.com/link-price-rally-continues-to-15-amid-historical-chainlink-accumulation/">LINK Price Rally Continues to $15 Amid Historical Chainlink Accumulation</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coingape.com">CoinGape</a>.</p>

LINK Price Rally Continues to $15 Amid Historical Chainlink Accumulation

Table of Contents

Coingape News Media

Other articles published on Nov 9, 2023

November Watchlist: Three Altcoins Poised for Attention (NUGX, SOL, AAVE)

WBS Dubai: Crafting Tomorrow’s Digital Landscape

SEC chair’s nod to a lawful FTX revival sparks FTT token’s 90% rally

Crypto News: Bitcoin Price Hits $37,000; Blackrock Files Ethereum Spot ETF

Big Developments Coming for Cryptocurrencies: Ethereum Price Surges After ETF Application

‘Data is not cheap in Nigeria’- Tayo Oviosu counters Bosun Tijani, advocates lower internet costs

Join our free newsletter for daily crypto updates!