Chainlink Surges 11% as Whales Buy, Support Level Recovered

Chainlink (LINK) has experienced a significant surge, rising by 11% in a single day, making it one of the top gainers in the cryptocurrency market. This surge comes after the cryptocurrency lost a key support level earlier in the week, dropping to a four-month low of $11.71. The recent rally has seen LINK recover to the $14.4-$14.5 price range, a level that has historically served as a critical support during past rallies.

Analysts have noted that the recovery of this support level could set the stage for a potential rebound to $24. The cryptocurrency has been trading within an ascending parallel channel since July 2023, and the recent recovery of the lower range of this channel could send LINK to the mid-zone of the pattern before climbing to the upper boundary. A spike in buying pressure at current levels could help Chainlink rebound to the upper boundary at $45, according to analyst Ali Martinez.

Whales have been actively buying LINK, with reports indicating that over 3 million LINK were purchased in five days. A large-scale address was reported to have spent 12.1 million USDC to buy 863,174 LINK at $14, holding a total of 1.07 million tokens valued at $15.53 million. Additionally, the address has a long position on LINK worth $31 million. This significant buying activity suggests that whales are betting on a potential rebound for the cryptocurrency.

Analysts have differing views on the potential reversal of LINK. AMCrypto Alex pointed out that LINK remains in its long-term uptrend channel despite recent lows, but there is a high chance that the token will retest the $10 mark before the bottom formation. Meanwhile, trader Crypto Rand suggested that Chainlink is ready to bounce as "LINK marines are getting ready for the bull reversal." The market watcher noted that the cryptocurrency has been forming a falling wedge pattern since the start of 2025, and the recovery of the $14 support level is pushing for a breakout.

A breakout from the pattern’s upper trendline, which is around the $14.5 mark, could propel the token’s price to a 30% surge near the $20 barrier. As of the latest update, LINK is trading at $14.51, reflecting an 11.6% surge in the daily timeframe. The recent buying activity and technical analysis suggest that a rebound to $24 is a possibility, but the cryptocurrency market remains volatile, and further developments will be closely watched by investors and analysts alike.