Chainlink Price Retests $17 Support Level Amid Increased Whale Accumulation
Optimism around altseason increased after Donald Trump's comments on Ripple Labs and XRP, impacting the price of Chainlink (#LINK). The coin, with a fully diluted market valuation of $17.9 billion and a 24-hour trading volume of about $627 million, recently retested a crucial support level at $17.9.
Chainlink has been in a correction phase since reaching a high of approximately $30.7 in December 2024. Despite this, it has shown signs of a potential relief rally, supported by institutional investors.
Price Analysis
- Chainlink has formed a macro-rising trend since its breakout in October 2023.
- It has been making higher highs and lows in the weekly timeframe.
- Recent retests of the 50 SMA may lead to a bullish rebound.
- MVRV currently sits at -16.3%, indicating a potential rebound based on historical data.
Whale Activity
- Chainlink whales accumulated $20 million worth of LINK in the last 24 hours.
- Increased transactions over $100k rose from 66 to 322 recently, suggesting growing interest.
Fundamental Developments
- Chainlink is strengthening its Web3 ecosystem for DeFi protocols as of 2025.
- Strategic partnerships have been established across over 20 blockchains.
- Key technologies like CCIP, Data Feeds, and PoR are being adopted by major companies including Coinbase and ANZ Bank.
- Chainlink leads developments in real-world assets tokenization in recent weeks.