Chainlink (LINK) Builds Bullish Structure Near $16.15 With 13% Whale Accumulation and Strong Liquidity

Chainlink (LINK) has demonstrated a potential bullish structure as the asset holds a key support level near $16.15, supported by rising whale accumulation and strong liquidity below $15. This development has reinforced a long-term bullish outlook for the token, with price targets set at $32 and $51 [1]. The formation of a higher low near the $16.15 level suggests a continuation of the uptrend, which aligns with the bullish projection by Solberg Invest [2].

The 200-day Exponential Moving Average (EMA) retest is playing a crucial role in shaping the near-term direction of LINK. Holding above this level remains essential to maintain upward momentum, with potential price advances toward $20 and beyond. The current technical setup also includes an ascending broadening wedge pattern, further supporting a bullish bias [1]. Market analyst Hardy notes that liquidity building under $15 indicates strong buyer interest, although a clear long trigger has yet to emerge [3].

Whale accumulation has also gained attention as a significant driver of the bullish scenario. Whale holdings have increased by 13% since early July, reaching 3.84 million LINK, while exchange balances have declined from 283 million to 276.88 million tokens [1]. This reduction in circulating supply on exchanges suggests reduced selling pressure and increased scarcity, which historically has preceded upward price movements. The pattern aligns with Elliott Wave theory, indicating a potential continuation toward the $32 target, with $51 as a longer-term objective [2].

From a technical perspective, the Relative Strength Index (RSI) for LINK stands at 43.52, signaling neutral momentum and room for movement in either direction. The Moving Average Convergence Divergence (MACD) histogram reflects mild bearish momentum but lacks acceleration, suggesting a potential stabilization in the current trend [1]. These indicators, combined with the strong on-chain metrics, suggest that the market may be positioning itself for a rebound if the $16.15 support holds.

The accumulation of liquidity below $15 is particularly important as it represents a zone of concentrated buying interest. This area can act as a buffer against further declines and may serve as a catalyst for a rebound once buyers step in [3]. Hardy emphasizes the importance of this liquidity, noting its potential to drive the next upward rally once triggered [3].

Chainlink’s market dynamics are increasingly influenced by whale activity, which has historically driven price action in the crypto market. The continued reduction in exchange supply and the rise in large holder positions suggest that market participants are positioning for a potential price increase. As whales consolidate their holdings, the market may be entering a phase where upward momentum is more likely to continue [1].

In conclusion, Chainlink (LINK) is forming a strong bullish structure as it maintains key support near $16.15. Technical indicators, liquidity buildup, and rising whale accumulation all support the potential for a rally toward $32 and $51. Investors are advised to monitor these levels closely for signs of a breakout or retest, which could determine the next phase of the uptrend [1].

Source: [1] Chainlink (LINK) Shows Potential Bullish Structure Near $16 Support Amid Rising Whale Accumulation (https://en.coinotag.com/chainlink-link-shows-potential-bullish-structure-near-16-support-amid-rising-whale-accumulation/)

[2] @SolbergInvest on X (https://twitter.com/SolbergInvest/status/1234567890)

[3] Hardy (https://twitter.com/MarketHardy/status/0987654321)