Chainlink Whales Accumulate 85 Million LINK Tokens Amid Market Caution

Chainlink, a leading decentralized oracle network, has witnessed substantial activity from large holders, commonly known as whales, who have accumulated over 85 million LINK tokens. This accumulation, which began in late 2022, represents the highest amount of whale-held supply since then. According to an analysis by Axel Adler published on CryptoQuant, these large investors are increasing their positions despite a lack of participation from retail investors. This dynamic has created a standoff between deep-pocketed investors and smaller participants, with the quiet accumulation phase not yet translating into significant price movements.

At the time of reporting, LINK was trading at $13.48, reflecting a 2.4% decrease over the past 24 hours and a 7% decline over the past month. Over the last week, the price has fluctuated within a tight range between $12.76 and $13.96. This price behavior suggests a consolidation phase, with no obvious breakout in sight. The narrowing of the Bollinger Bands indicates that a more significant price move might be imminent. The price is currently trading just below the Bollinger Bands midline, with $14.11 acting as short-term resistance and $13.08 as midline support. The relative strength index is near 50, indicating neutral momentum, while the MACD is slightly bullish. LINK is displaying some short-term strength, trading slightly above both its 10-day and 20-day moving averages, but remains below longer-term averages such as the 100-day and 200-day, indicating market hesitation.

The long-term value of Chainlink may be bolstered by recent developments. On June 24, Chainlink and Mastercard announced a significant partnership that will enable more than 3 billion cardholders to purchase cryptocurrencies on-chain. This collaboration positions Chainlink as a major infrastructure supplier for secure and legal cryptocurrency payments. Additionally, on June 30, Chainlink was selected as the official oracle provider for the xStocks Alliance, an initiative that brings over 50 tokenized stocks and exchange-traded funds to decentralized finance by leveraging Chainlink’s infrastructure for real-time pricing data.

The market is currently in a state of anticipation, waiting to see if retail traders or whales will determine the next move. If LINK breaks above $14.10 with strong volume, it may move towards $15. Conversely, if it falls below $13.00, it might drop to the $12.50 level. The overall sentiment remains cautious, with the market closely monitoring the actions of both retail investors and whales to gauge the next direction for LINK.