Chainlink Rockets 868% in Whale Moves as LINK Price Returns to $20

Chainlink has risen for four straight days since Aug. 5 and in the process regained the $20 price mark. Chainlink has steadily increased since Aug. 3 low of $15.43, reaching intraday high of $21.46 early Saturday.

At press time, Chainlink was trading up 8.25% in the last 24 hours to $21.04 and 32% weekly. As Chainlink price extended its rally, it witnessed a significant surge in large transaction volume, an indicator that highlights whale activity.

According to IntoTheBlock data, Chainlink's large transaction volume came to 60.76 million $LINK or $1.21 billion, marking a 863% surge in the last 24 hours.

Chainlink whale and shark wallets are growing in number, as well as their collective holdings, Santiment observed in an Aug. 7 tweet. As $LINK's price rose, whales and sharks added to their bags: 27 more 100,000 to 1 million $LINK wallets were added since the start of August, representing a 4.2% increase. This holder class now holds 0.67% more of the entire supply as they increased their holdings since August's start.

With the $20 price mark now reached, eyes are on the $26 and $30 levels next.

Chainlink reserve launched

This week, Chainlink announced the launch of Chainlink Reserve, a new upgrade that focuses on creating a strategic on-chain reserve of $LINK tokens.

Chainlink Reserve is intended to support the Chainlink network's long-term growth and sustainability by amassing $LINK tokens through off-chain revenue from big organizations who have adopted the Chainlink standard, as well as on-chain service usage.

The reserve is an on-chain smart contract on Ethereum that functions as an extension of Payment Abstraction and stores a strategic reserve of $LINK. It has already accumulated over $1 million worth of $LINK, which is expected to gradually increase in the coming months as more revenue is converted into $LINK and placed into the reserve.