Two types of whale activity have rocketed on the Chainlink network, including a substantial LINK accumulation, which could point to a resurgence in the ecosystem and the native token’s price performance.

Chainlink continues to improve in terms of Real World Assets development, increasing to the second position in Santiment’s recent ranking.

LINK Whale Activity Blossoms

Citing recent data from Santiment again, popular crypto analyst Ali Martinez noted that whale activity on Chainlink had “surged over the past two weeks.” The graph below demonstrates the impressive increase, which included more than 20 transactions for over $1 million earlier this week. According to Martinez, this signals “growing interest from large holders.”

Separately, the analyst said whales had gone on an accumulation spree, acquiring over 14 million LINK tokens within less than a month.

“Large-scale accumulation like this often reflects growing confidence from major holders and is worth keeping an eye on,” he concluded.

The data shows that their holdings have grown from under 170 million to roughly 182-3 million as of the start of the current business week.

Meanwhile, Santiment’s RWA development ranking placed LINK in second place, trailing only Hedera. The ranking compares how these chains performed compared to the previous month, showing a solid performance from Chainlink.

$50-$100 LINK?

Crypto Patel recently weighed in on LINK’s price performance, warning that 99% of people will ignore the setup before “it’s too late.” The analyst compared the current market behavior with the moves from six years ago when the token went on a wild ride that eventually brought it up to its all-time high of almost $53 (CoinGecko data).

He believes the fact that the spot LINK ETFs have not seen a single red month is extremely bullish, even though the net inflows have slowed since May. The cumulative total net inflows are well over $125 million, which, he noted, is proof that “smart money continues to accumulate,” but most retail investors “still believe LINK is dead.”

After outlining the current environment as the “biggest” opportunity since conviction is at its lowest, Patel brought up some massive price targets for LINK during the next bull cycle of somewhere between $50 and $100.

Source: CryptoPotato