The Chainlink whales have once again started to actively transact as the network has seen its highest daily activity in 5 months. This spike in whale activity coincides with the Chainlink network being increasingly adopted by many institutions. With the excitement and confidence growing around the network, the LINK is now testing the 200-day MA.
LINK whales makes 246 transactions each worth $100k+
Whales are becoming active transacting LINK coins. According to on-chain analytical platform Santiment, the daily transaction activity of the whales has hit a 5-month high. There were 246 transactions, each worth $100K+.
More importantly, LINK whales hold more than 45% of the supply, with 466 million LINK coins in wallets, which consist of 100K to 10 million LINK coins. The spike in whale activity comes at a time when the Chainlink infrastructure has been adopted by many institutions.
Banks and depository institutions adopt Chainlink infrastructure
The Depository Trust & Clearing Corporation (DTCC), one of the largest financial market infrastructure providers in the U.S., has adopted Chainlink infrastructure to support the development and processing of tokenized securities involving J.P. Morgan and CME Group. The integration with Chainlink can help DTCC connect traditional financial-market infrastructure with blockchain networks, allowing financial assets and transaction data to move between the two environments more efficiently.
More than 50 banks have joined Project Pangea, which is a Chainlink-led initiative focused on enabling faster, near-instant cross-border foreign exchange (FX) settlement. The initiative aims to reduce settlement times, costs, and the complexity of relying on multiple intermediaries. For banks, this could enable 24/7 near-real-time FX settlement while improving transparency and reducing counterparty and settlement risks.
Mantle is migrating its $2.5 billion MNT token to Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to improve its ability to move assets securely across blockchains.
Lombard is also using Chainlink infrastructure to enable the cross-chain distribution of its Bitcoin-backed credit strategy.
LINK escapes bearish rising wedge and tests 200-day MA
Meanwhile, the LINK bulls have shown some impressive action, taking the price to nearly $9 within just a couple of days. What’s more impressive is the bulls have managed to test the 200-day moving average once again after a very long time.
LINK testing its 200-day moving average (MA) is considered potentially bullish because this indicator is widely viewed as a key measure of an asset’s long-term trend. If LINK manages to hold above the 200-day MA, traders may interpret the level as strong long-term support, suggesting that buyers are stepping in whenever the price approaches it.
Further supporting the bullish outlook, LINK has broken out of a bearish rising wedge, a pattern typically associated with weakening momentum and downside risk. The upside breakout invalidates that bearish setup and suggests that buyers have regained control, potentially opening the door for further gains if the breakout holds.
