On-chain data shows that Chainlink (LINK) whales have become quite active in recent days, a sign that may be bearish for the asset’s price.
Chainlink Whale Transactions Have Shot Up In Number Recently
According to data from the on-chain analytics firm Santiment, whale transactions hit a 2023 high just as the price dipped toward the $5 mark. The “whale transaction count” is an indicator that keeps track of the number of Chainlink transfers taking place on the blockchain that involve the movement of tokens worth at least $1 million in value.
When the value of this metric is high, it means that there are a large number of sizeable LINK transactions occurring on the network right now. Generally, transfers worth more than $1 million are thought to be coming from the whales, so this kind of trend can be a sign that the whales are active currently.
On the other hand, the low values of the indicator imply the whales aren’t making that many moves at the moment. As whale transactions are
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