Chainlink (LINK) witnesses a 17% drop from its yearly peak of $17.16

Major altcoins Chainlink (LINK) and Polygon (MATIC) have recently experienced significant price fluctuations in the volatile crypto world. Chainlink, which reached a yearly high of $17.16 on December 9, has dropped sharply to $14.25, a 17% drop.

Simultaneously, Polygon (MATIC) fell 3.83% in the last 24 hours and 8.50% in the last week and is now trading at $0.779.

Despite the price drops, Lookonchain on-chain data analysts have discovered interesting activities in new wallets accumulating both LINK and MATIC.

A new wallet (0x8eADf9a958199d769B8927f82BC6dd615a3f8571) withdrew 247,860 LINK ($3.5 million) from Binance in the last two days, while another withdrew 5 million MATIC ($3.13 million) ten hours ago from a new wallet (0xa813D87274D220236bDd499E13e991e3be2E60e1).

The nature of these wallets is unknown; whether they belong to individuals or act as whales.

Notably, Chainlink’s recent integration of proprietary price feeds into the Polygon ZkEVM network has restored investor trust in the LINK token.

Chainlink, the largest decentralized Oracle blockchain network, offers real-time off-chain price feeds, making it a sought-after asset for projects exploring traditional finance infrastructure.

The increased interest in Chainlink’s price feeds in the global crypto market corresponds to the growing trend of asset tokenization.

Furthermore, Polygon co-founder Sandeep Nailwal’s insights reveal the network’s robust performance, with over 161 million transactions and a peak of 18 million daily transactions, outperforming competitors such as BNB and Avalanche.