Chainlink (LINK) Sees Rising Trend in Accumulation and Staking, $216M Moved

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The accumulation of LINK has steadily increased in recent weeks. Could this also lead to an increase in staking? The data suggests so.

In the past two weeks, Chainlink (LINK) has experienced an increase in accumulation, as data from Lookonchain shows. The analysis revealed that during this period, 83 newly created wallets have withdrawn more than 11 million LINK tokens from Binance. The total value of these withdrawn tokens was over $216 million at the time of publication.

The investigation of the netflow metric since February 5th has consistently shown negative values. This suggests that there have been more outflows than inflows in recent weeks, consistent with the observed accumulation trend in Lookonchain’s data.

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With the ongoing withdrawal of Chainlink from the exchanges, holders face the choice of either holding (HODL) or staking to maximize rewards. An examination of the staking metric on DefiLlama showed an interesting correlation – the staking volume began to rise in early February, coinciding with the observed accumulation trend.

On February 1st, the staking volume was about $680 million. At the time of publication, however, the volume has risen to over $878 million. This suggests a possible correlation between increased accumulation and a rise in staking activity.

Chainlink has shown a steady upward trend in price since the beginning of the month, as evidenced by its daily timeframe chart. Starting at about $17, it has steadily risen to the $20 price range. At the close of trading on February 17th, it recorded a rise of 2.41%, reaching the new $20 price range.

At the time of publication, it continued to trade around the $20 mark, with a slight increase. However, the overall trend remained strong, as confirmed by its Relative Strength Index (RSI), which was over 60 at the time of publication.

Conclusion

The rising accumulation of LINK and the increasing staking volume could indicate growing popularity and trust in the cryptocurrency. It remains to be seen how these trends will develop in the coming weeks.

Sources: Lookonchain, DefiLlama, Trading View

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Casinos: 9
Profile Chainlink
Symbol LINK
Coin type Alt Coin
Transaction Speed Medium
Pros
  • Completely decentralized and much more anonymous than Bitcoin, for example
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Cons
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Price 15,78 €
Percent Change 24h 1,85 %
Percent Change 7d 5,10 %
Percent Change 30d 17,86 %
Percent Change 60d -11,57 %
Percent Change 1y 170,75 %
Market Cap 9.260.715.311,00 €
Max. Supply 1.000.000.000
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