Whales Accumulate $31M in Chainlink as Price Tests $24 Resistance

Large investors, commonly referred to as whales, have accumulated 1.29 million Chainlink (LINK) tokens, valued at approximately $31 million, over a four-day period as the token tested the $24 resistance level [1]. This accumulation occurred against the backdrop of the price breaking out of a long-term descending trendline, reaching $26 before retracing to $24.65 [1]. The sustained buying activity suggests growing institutional or large-scale confidence in the token amid its recent price action.

The on-chain data reinforces this narrative. In just two days, Chainlink saw the creation of 9,625 new wallets and recorded 9,813 active addresses—both figures representing 2025 highs [1]. Such a surge in wallet activity is typically indicative of rising retail and institutional engagement, aligning with broader capital inflows into the token.

Technically, the price structure of LINK shows signs of forming a classic cup and handle pattern, with the $26–$30 range serving as a critical resistance zone [1]. The token has remained above the 50-day exponential moving average at $18.87 and is currently supported at key Fibonacci levels. The Relative Strength Index stands at 63, suggesting strong upward momentum without signs of overbought conditions. The Average Directional Index value of 35.57 further underscores a well-defined trend, with higher lows being consistently established since June [1].

Whale accumulation is not the only factor driving bullish sentiment. Chainlink continues to expand its utility through product developments, including the launch of Data Streams for real-time feeds on traditional financial assets like AAPL, QQQ, and NVDA [1]. Additionally, the introduction of the Chainlink Reserve aims to enhance token utility and network stability over the long term [1]. These developments, combined with rising on-chain engagement, highlight growing institutional and retail confidence in the network’s future potential.

Despite the strong indicators, the market remains in a consolidation phase. A key question for traders is whether the current retest of $24.65 will result in a breakout or a breakdown. If the price fails to hold above this level, it could face a retest of the support at $22.77 and $21.20 [1]. However, sustained whale accumulation and continued on-chain growth suggest that selling pressure may be absorbed, potentially fueling another push toward the $30 target.

With the current price of $24.65 and the on-chain metrics pointing toward rising activity, Chainlink appears well-positioned to challenge key resistance levels. If the network continues to attract both institutional and retail interest, the conditions are favorable for a sustained bullish move.

Source:

[1] Chainlink (LINK) Price: Whales Accumulate $31M Worth as Token Tests $24 Resistance (https://blockonomi.com/chainlink-link-price-whales-accumulate-31m-worth-as-token-tests-24-resistance/)