Chainlink has been absolutely unstoppable in its recent rally with the LINK price shooting another 10% to $14.85 as of press time. Interestingly, the LINK price has surged close to $15 for the first time in 19 months. With this Chainlink has extended its weekly gains to 25% and monthly gains to a staggering 90%.
On-chain data provider Santiment reported that the remarkable surge of Chainlink shows no signs of slowing down, with the 12th largest cryptocurrency by market capitalization continuing to outpace the rest of the crypto sector. Dormant tokens are entering circulation, and wallets holding 10,000 to 10 million $LINK have historically been accumulating.
Analysts have already started giving free Chainlink price targets of $20. However, before that, the LINK price faced a crucial resistance at $18. Amid this mammoth price rally, the altcoin has climbed multiple ranks over the past few weeks and is now the 12th largest cryptocurrency with a market cap of just over $8 billion.
Interestingly, there’s a strong sign of growing institutional participation in Chainlink during this current rally. GLINK, shares in Grayscale’s Chainlink Trust, have surged to a staggering 200% premium compared to the spot LINK markets.
The substantial spread was initially brought to the attention by ChainLinkGod, a prominent influencer and Chainlink community ambassador, on November 7. The data illustrates that the spread between GLINK and LINK has expanded from around 100% to 200% during the recent Chainlink rally.
The significant difference between GLINK and LINK prices is attributed to the doubling of the total value locked in GLINK, reaching approximately $4 million.