An Ethereum (ETH)-based altcoin is seeing whale activity surge, according to the crypto analytics firm Santiment.
Santiment notes that the decentralized oracle network Chainlink (LINK) earlier this week witnessed its most active day in terms of whale transactions since mid-June.
The analytics firm says upticks in whale activity are “often the key to sustained rallies.”
LINK is trading at $7.74 at time of writing. The 22nd-ranked crypto asset by market cap is down more than 6.5% in the past 24 hours but up more than 16% in the past seven days, outpacing the majority of the crypto market during that time period.
In terms of the overall market, Santiment says that crypto could be breaking away from stocks.
“Things were looking up for crypto this past week, before the S&P 500 took another nosedive and brought down BTC, ETH, and the rest of the digital assets. Nevertheless, there have been signs that the tight correlation between sectors has been breaking.”
Santiment also notes that...
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