Missing LINK

Market Meditations | November 1, 2022

Have you been missing LINK? This fan-favourite token with its own marine corps has been lying low for some time, but is starting to generate chatter once more. Can the oracle foresee the future?

  • Chainlink is a decentralised oracle network (DON), which helps connect real-world data to on-chain smart contracts.
  • It’s been trading for five years, but only really exploded in price in the 2021 bull run.
  • Since LUNA triggered the market crash in May this year, it’s been ranging rather tediously between $6 to $9.
  • Many point to $8 as a key resistance, and a level that, if broken, would signal the end of whale accumulation.
  • A bit like marmite, Chainlink has polarised the crypto world, splitting it into doubters and believers.
  • It has attracted controversy in the form of pump and dump allegations and a Zeus Capital year-long campaign against it.
  • Last week Binance launched its own ‘web3’ oracle network to service its BNB chain and potentially take some of Chainlink’s market share.
  • Market intelligence platform Santiment suggested that it was an active whale weekend.
  • On Twitter they said “Saturday saw 33 different $LINK transactions exceeding a value of $1 million. This was the highest whale activity day since June 27th“.

Yesterday $LINK recorded over 700,000 holders for the first time.