The price of Chainlink’s LINK token has reached a 17-month high, with indications of investors cashing in on the massive surge.
On Monday, LINK’s price rallied about 9% in the past 24 hours, hitting $11 after trading sideways within roughly $5 and $9 range since May 2022. Despite giving up some of its gains, the token has still advanced 43% over the past month, making it one of the best gainers among the large-cap digital assets.
The recent hype around the tokenization of real-world assets (RWAs) has benefited the native token of the decentralized oracle network Chainlink. Tokenization involves placing traditional assets like equity, bonds, or real estate on blockchains, with oracles playing a key role in transferring data from the real world to blockchain-based networks and applications.
However, blockchain data points towards a potential pause in the rally. Exchange deposits have increased, indicating investors are locking in profits. Depositing tokens to an exchange usually signals an investor’s intention to sell.
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