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Home»BITCOIN NEWS»Is another 31% rally coming?
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Is another 31% rally coming?

By Crypto FlexsNovember 29, 20233 Mins Read
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Is another 31% rally coming?
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On-chain data shows that the last Chainlink signal reversed before the asset price rose 31%.

The Chainlink Lifetime Consumption indicator has recently observed a sharp spike.

According to data from on-chain analytics firm st tly, LINK has recently seen significant movement in older coins. The relevant indicator here is “Age Consumed,” which tells you whether dormant Chainlink tokens are currently moving.

A large spike in the value of an indicator is a sign that the blockchain is currently observing the movement of a significant number of older coins. These dormant tokens belong to a group called “long-term holders” (LTHs), made up of the sector’s ruthless hands.

So these indicator spikes could be something to watch out for. Because this means that LTH, which has generally stayed quiet no matter what happens in the broader market, has decided to break its dormancy.

We now have a chart showing the Chainlink Age Consumed trend over the past few months.

The value of the metric appears to have shot up recently | Source: Santiment on X

As you can see in the graph above, the Chainlink Age Consumed indicator has been on a sharp uptrend recently, suggesting that LTH is trading.

At the peak of the recent surge, the indicator was worth $4.28 billion, its highest level since mid-September. At that time, the indicator recorded a surge that nearly doubled in size, and interestingly, a 31% rally followed over the next few weeks, with LINK rising from $6.36 to $8.22.

It is difficult to say whether a similar pattern will repeat itself for Chainlink this time around, as LTH may have broken its silence for a number of reasons, including a sale.

The analyst pointed out As you can see in the chart below, whales did a lot of trading yesterday (around the same time as the consumer age spike).

chainlink whale trading

Looks like the metric has spiked up | Source: @ali_charts on X

In total, the Chainlink network observed 2,600 transactions worth more than $100,000 yesterday. This surge will confirm that LTH, which has broken its dormancy, is not just an investor but a whale.

Individually, it is difficult to say why these two indicators have soared recently. Nonetheless, the latest LINK news probably makes the most likely explanation clear.

Yesterday, Chainlink staking v0.2 was released on the Ethereum blockchain, allowing v0.1 stakers to migrate to the new network. Therefore, considering the age of consumption and the near spike in whale trading numbers, it seems very likely that these LTHs will be transferred to new staking pools.

link price

Chainlink recently observed a slight decline to the $13.7 level, but it looks like the asset has already recovered as it is currently trading around $14.7.

Chainlink price chart

LINK has already recovered from its recent lows | Source: LINKUSD on TradingView

Featured image from iStock.com, chart from TradingView.com, Santiment.net

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