Chainlink Gains 3.53% as Whale Accumulation and Volume Build at $20 Support

Chainlink (LINK) is currently retesting the $20 support level, a critical price point following a recent market correction. The token surged from a low of $12.20 to $20.28 before encountering resistance. Over the past 24 hours, LINK has rebounded to $19.53, marking a 3.53% gain, signaling renewed buying interest and a potential bullish retest of this key support zone [1]. Analysts suggest that a sustained move above $20 could set the stage for a further upward trajectory toward $22 and possibly $28, particularly if bullish momentum remains intact [2].

Significantly, whale activity has intensified during this consolidation phase. Large investors have accumulated over 1.6 million LINK tokens within two weeks, reflecting growing confidence among major holders [1]. Additionally, the top 10 Chainlink wallets now control approximately 32% of the circulating supply, highlighting a strong long-term holding sentiment. This accumulation reinforces the view that large investors are positioning for a potential price breakout [2].

The surge in whale activity is complemented by increased trading volume. LINK futures trading volume exceeded 53 million tokens in the last 24 hours, indicating heightened speculation around the $20 price level. The combination of on-chain accumulation and rising volume suggests a coordinated effort to push the token higher, supported by strong market sentiment [1].

If LINK can maintain support above $20 with continued high volume, analysts anticipate a near-term move toward $22, the next resistance level. Sustained buying pressure beyond that could drive the price toward $28, marking a significant bullish outcome despite broader market volatility [1].

The retest of $20, combined with whale accumulation and rising futures volume, indicates a strong setup for potential price gains. Investors are advised to monitor these key levels closely as the market continues to evolve.

Source: [1] Chainlink Retests $20 Support Amid Whale Accumulation, Suggesting Possible Move Toward $22 and $28 (https://en.coinotag.com/chainlink-retests-20-support-amid-whale-accumulation-suggesting-possible-move-toward-22-and-28/)

[2] Chainlink $LINK Looks to Be in the Middle of a Bullish Retest at the Breakout Zone (Twitter post by Ali, July 27, 2025)