TLDR
- Chainlink whales accumulated over 15 million LINK (worth ~$165M) in past two months
- Price surged 50% before experiencing 15% retracement in 10 days
- Currently trading at $13.3, above 200-day MA of $12.8
- Futures traders show bullish sentiment with more longs than shorts
- Technical analysis suggests potential upside target of $25.30 (87% increase)
Recent market data reveals that Chainlink whales have been steadily accumulating LINK tokens over the past two months, adding more than 15 million tokens worth approximately $165 million to their holdings. This accumulation comes as the token experiences notable price movements, including a 50% surge followed by a 15% retracement within a ten-day period.
Data from blockchain analytics platform Santiment shows that large holders have maintained their buying pressure despite price fluctuations. This sustained accumulation pattern suggests strong confidence from institutional investors and wealthy individuals in Chainlink’s long-term prospects.
The recent price action has pushed LINK above its 200-day moving average of $12.80, currently trading at $13.30. Technical analysts view this as a potentially bullish indicator, as the 200-day moving average often serves as a key reference point for long-term market trends.
LINK Price
Futures market data provides additional insight into trader sentiment, showing a clear preference for long positions over shorts. According to Coinglass data, traders have opened $30.84 million in long positions compared to $26 million in shorts over the past week, indicating broader market optimism.
Trading volume has also seen an uptick, with a 5% increase in the last 24 hours according to Coingecko. This increased activity suggests growing market participation as traders position themselves following the recent price movements.
Technical analysis of LINK’s price chart reveals a breakout from a descending triangle pattern, which some analysts interpret as a potential trend reversal signal. The pattern suggests a possible upside target of $25.30, representing an 87% increase from current levels.
Market observers have identified several key support levels that could play important roles in LINK’s price action. The first notable support zone sits at $13.06, with additional backup support levels at $12.46 and $11.86.
The immediate resistance level stands at $15.34, marking the recent local high. Beyond this point, the next major resistance level is positioned at $22.87, which corresponds with a previous yearly peak.
Liquidation data from derivatives exchanges shows clusters of stop-losses and take-profit orders around these key price levels, which could influence future price movements.
The accumulation by whales has occurred gradually over the two-month period, suggesting a methodical approach rather than reactive buying based on short-term price movements.
Market participants note that this type of sustained buying from large holders often precedes extended price movements, as it reduces the available supply of tokens in circulation.
The current price action follows a period of consolidation for LINK, during which the token traded in a relatively narrow range. The recent breakout above key technical levels has drawn increased attention from traders and analysts.
Short-term price volatility remains a factor, with LINK experiencing both sharp rallies and quick retracements. The most recent example saw the price surge to $15.30 before pulling back to current levels.
Trading volume distribution shows balanced activity across major exchanges, indicating broad-based market participation rather than concentration on any single platform.
