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Chainlink (LINK) has hit a new milestone in its price metrics. As spotlighted by Santiment, LINK flipped $29 for the first time in over three years. This notable development has triggered excitement within the Chainlink community as the hope of further gains rises.

Whale action spurs Chainlink growth

Per the Santiment update, LINK whales appear to have triggered this price increase. Data shows that LINK whales have acquired a corresponding amount of tokens dumped on the market by retail investors.

In the last two months, Chainlink whales, with over 100,000 LINK tokens, have bought 5.69 million worth of the coin. Similarly, fewer than a hundred thousand LINK holders have dumped theirs onto the market.

Data shows these retail traders sold 5.67 million LINK from their collective wallets. This move by retail investors might reflect impatience, panic-selling or profit-taking before the price drops again.

As of this writing, LINK has dropped from the $29 level and is changing hands for $27.92. The market volume has soared by 52.86% to $2.7 billion. The LINK price swung between $28 and $29 in earlier trading before resting at its current level.

Bitcoin's influence on LINK’s path

Santiment suggests that the whale action helped support the price movement. Generally, such aggressive accumulation signals increased confidence for the tokens in question. The whales’ move comes with hopes that LINK will keep growing.

However, despite the positive signals, Santiment maintains that the long-term success of Chainlink is tied to Bitcoin’s performance. The positive performance of Bitcoin and its stability often dictate the price trajectory of most altcoins, such as LINK.

Bitcoin has regained its $100,000 price level and is currently trading at $100,424.56. LINK might hit new levels in this cycle if the market remains favorable and Bitcoin sustains growth. 

However, much depends on other important factors. For instance, when Chainlink partnered with SWIFT and UBS Asset Management, LINK’s price led to an altcoin rebound at the time.