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The LINK price seems to be intensifying its bullish momentum again after cooling off over the past few weeks. Despite the <a href="https://www.newsbtc.com/chainlink-news/chainlink-declines-5-rally-over-there-more-go/" target="_blank" rel="noopener ">recent sluggishness in Chainlink’s price action</a>, the cryptocurrency has maintained most of its profit and <a href="https://www.newsbtc.com/chainlink-news/chainlink-retests-14-what-happen-support-holds/" target="_blank" rel="noopener ">managed to stay above the $14 level</a> in the past weeks. 
Interestingly, the LINK price recently made its way above the $16 mark for the second time in less than a month. But here is the question – what is <a href="https://www.newsbtc.com/chainlink-news/chainlink-signal-resurfaces-31-rally-coming/" target="_blank" rel="noopener ">driving the latest surge</a>? 
<h2 id="strong-on-chain-data-reveals-catalyst-for-chainlink-s-jump-to-16-strong">On-Chain Data Reveals Catalyst For Chainlink’s Jump To $16</h2> 
The latest on-chain revelation from Santiment has offered insight into the catalyst behind <a href="https://www.newsbtc.com/news/chainlink/link-price-breaks-above-15-with-33-rally-is-18-the-next-stop/" target="_blank" rel="noopener ">LINK’s price jump</a> to $16. According to data from the crypto analytics firm, Chainlink’s richest wallets have made a substantial amount of token purchases in the past few days. 
In a December 2 post on X, Santiment revealed that LINK whales bought about 3.9 million tokens (worth more than $62 million) in the past three days. This data point highlights an increase in the total amount of tokens held by the 200 largest Chainlink addresses. 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f517.png" alt="🔗" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f433.png" alt="🐳" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/Chainlink?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Chainlink</a> is moving ahead of the <a href="https://twitter.com/hashtag/altcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#altcoin</a> field once again, aided by the top whales continuing to accumulate. The 200 largest wallets have added just over $50M <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$LINK</a> in ~5 weeks. In 5 months, its market cap is +143% overall, and +93% vs. <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Bitcoin</a>. <a href="https://t.co/HUjTnCY5c9" rel="nofollow">https://t.co/HUjTnCY5c9</a> <a href="https://t.co/oAPl9SQaJ5" rel="nofollow">pic.twitter.com/oAPl9SQaJ5</a> 
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1730868046913548772?ref_src=twsrc%5Etfw" rel="nofollow">December 2, 2023</a>
</blockquote> 
This recent market activity underscores the current accumulation trend amongst Chainlink whales. According to data provided by Santiment, the top 200 wallets have loaded up more than $50 million worth of LINK tokens in approximately five weeks. 
Furthermore, the on-chain analytics firm also revealed that the 200 largest Chainlink addresses currently hold a combined 746.57 million tokens (equivalent to a massive $11.84 billion). This figure represents nearly 75% of LINK’s total supply. 
This <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-whales-ready-to-push-price-above-40000-data-throws-clues/" target="_blank" rel="noopener ">accumulation trend is a positive sign</a> for LINK and its price trajectory, as it suggests that large investors are keeping their faith in the asset and banking on the token’s price growth. 
<h2 id="strong-is-link-outperforming-bitcoin-strong">Is LINK Outperforming Bitcoin?</h2> 
As of this writing, the <a href="https://www.newsbtc.com/chainlink-news/analyst-predicts-chainlink-rally-20-based-pattern/" target="_blank" rel="noopener ">LINK token</a> is valued at $16.11, reflecting a nearly 2% price increase in the last 24 hours. According to data from CoinGecko, the cryptocurrency has jumped by more than 7.5% in the past week. 
With its market capitalization rising by more than 143% in the last five months, Chainlink’s performance over the past few months is even more remarkable. Moreover, the altcoin has held its own against the premier cryptocurrency, Bitcoin. 
Based on <a href="https://x.com/santimentfeed/status/1730868046913548772?s=20" target="_blank" rel="noopener nofollow">data provided by Santiment</a>, LINK has outperformed the market leader by over 93% – in terms of market cap – in the past five months. This is especially impressive considering that Bitcoin has also been on a positive run, recently <a href="https://www.newsbtc.com/news/bitcoin/crypto-pundit-bitcoin-new-ath/" target="_blank" rel="noopener ">breaking above $39,000 for the first time in over a year</a>. 
Nevertheless, Bitcoin maintains its position as the top cryptocurrency with a market cap of $772 billion. Comparatively, LINK ranks as the 12th-largest asset with a $9 billion market capitalization. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/fNptlv2v/" alt="LINK" width="2174" height="1442">

LINK Price Climbs Above $16 Again – What’s Behind The Latest Surge?

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