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- Whales accumulated over $24M worth of LINK in five months.
- Derivatives data shows strong buy-side conviction.
- LINK could retest the $23–$26 range if momentum holds.
Chainlink (LINK) is showing strong signs of renewed investor confidence as large holders continue to accumulate. In the past 24 hours alone, whales withdrew over 128,000 LINK—worth about $2.2 million—from OKX and Kraken. This extends a five-month accumulation trend totaling roughly 1.4 million LINK ($24 million), highlighting a steady shift toward long-term holding and reduced selling pressure.
Long-Term Confidence Strengthens as LINK Rebounds
LINK has rebounded from the $16–$16.50 demand zone after a month-long correction, signaling renewed strength in the market. Technical charts show a breakout from a descending channel, with buyers forming higher lows—a classic sign of recovery. Key resistance levels now stand at $20.02, $23.75, and $26.06.
The defense of this demand zone suggests traders see it as fair value, while improving market sentiment supports the idea that LINK could be entering a new accumulation phase.
Derivatives Market Confirms Bullish Shift
Futures data reinforces this optimism. The 90-day Futures Taker CVD shows clear buy-side dominance, meaning aggressive buyers are driving the market. This shift in futures sentiment mirrors the Spot market’s accumulation pattern—both pointing toward a synchronized bullish structure.
Additionally, short liquidations have surged, totaling around $36,000, while long positions remain largely intact. This imbalance indicates that traders betting against LINK are being squeezed out, strengthening bullish momentum and further validating the recovery trend.
Also Read: Chainlink Whales Buy 54M LINK Near $16, Eyeing $20 Breakout
Outlook: LINK Eyes $23–$26 Range
With whale accumulation rising, derivatives turning positive, and shorts being liquidated, LINK’s technical and on-chain data both suggest an emerging uptrend. If the price holds above $18, analysts expect a potential rally toward the $23–$26 range in the near term.
Chainlink’s consistent inflows to self-custody wallets and the alignment of market indicators point to growing institutional confidence. For now, LINK appears to be setting the stage for its next major cycle.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
