The Chainlink price movement this weekend was interesting as the market looked at it unexpectedly. Crypto recorded an increase in whale and shark activity leading to a spike. The Oracle service provider added more than $313 million worth of tokens to the Whale and Shark LINK addresses.
The price volatility of many cryptos has been uncertain given the volatility in the market. While many have recorded steady climbs, others have continued the downward trend with short rallies.
Before this new record, the LINK value was not performing well. But this past weekend the coin shot up to $8. Currently, LINK is trading at $7.8 with a market cap of $3.8 billion in the last 24 hours.
LINK and Other Altcoins See Strong Rally as October Curtains
According to information Going by sentiment, whale trading on Chainlink reached a 4-month high over the weekend. Whale movements added to the market action, teasing the $8 level several times.
Whale movements remained strong throughout October. 33 LINK transactions worth over $1 million were recorded on Saturday, the highest whale activity since June 27.
Since September, Chainlink has been a target of investors and crypto traders. $8 is a strong resistance level on Chainlink (LINK). A breakout in the price above the $8 level could lead the LINK to an upside move. For some time now, Chainlink has been consolidating strongly in the $6-$8 range.
Apart from Chainlink, other altcoins saw a strong price rally in the past week. Memecoin, Dogecoin (DOGE), and Shibu Inu (SHIB) gained significantly, with DOGE trading up over 100% on the weekly chart.
However, DOGE has entered a correction level and is now trading at $0.14, down 8.68% in price. It currently has a market cap of $13.8 billion.
Ethereum also registered a strong price rally and is up around 20% on the weekly chart. ETH has displayed dominance over BTC price-wise throughout October.
Following Sentiment’s report, Ethereum’s price dominance over Bitcoin and other cryptos continues through the end of October. This was created after an increase in new ETH addresses.
Binance Launches Its Oracle Network as Chainlink Faces New Competition
At the same time, recently Chainlink got a new competitor. The world’s leading crypto exchange, Binance, launched A decentralized Web3 Oracle. According to Binance, oracle is a data feed network that connects real-world data to blockchain-based smart contracts.
This development marks the first notable competition for oracle service providers such as Chainlink. Chainlink has evolved into a robust data feed network that bridges blockchain-based systems and real-world online infrastructure.
Binance will use its Oracle services on the BNB chain before expanding to other services. It will provide up to 1,400 decentralized applications and enable Web3 partners to tap into existing data sources.
Binance wants to gain more credibility with its Oracle network by getting price data from centralized exchanges. It will aggregate the prices using an intelligent algorithm. If successful, Oracle Networks will compete with similar service providers such as Chainlink.
featured Image From Pixabay, Charts From Tradingview