Last week, the value of Chainlink (LINK) increased by more than 16%, reaching a peak of over $8 on the night of Monday, October 2.
This surge has contributed to the altcoin’s overall capitalization, which now stands at $4.56 billion.
The increase can be attributed to heightened whale activity, as addresses controlling between 10,000 and 10 million LINK have been actively purchasing the cryptocurrency since mid-September.
This trend accelerated over the past weekend, with whales investing more than $53 million in LINK over the past two weeks alone, according to data from Santiment.
In total, these large investors purchased approximately 7.5 million LINK during this time period.
Overall, LINK has grown by over 40% since the beginning of the year, with a strong resistance level at $6 in the first half of September.
Experts believe that this level will continue to serve as a strong support for the cryptocurrency, and predict that with continued whale activity, LINK could potentially reach $18 by the end of 2023.
The recent breakthrough of the $8 level signals that LINK has entered a bullish phase, with the potential to reach $10 in the near future.
