Chainlink Whales Accumulate 3.58 Million LINK Valued at $77 Million
Amid a market retracement, Chainlink has experienced a 29.89% price decline from its recent peak of $30.31, currently trading around $21 after failing to surpass $26 despite some upward movement. During this downturn, LINK whales have begun accumulating, indicating confidence in the altcoin's long-term potential.
Chainlink Whales Acquire 3.58 Million LINK In 3 Days
The crypto market has seen a significant correction recently due to factors such as a flash crash and anticipated Fed rate cuts in 2025. Blockchain analytics firm Santiment reported that LINK whales, holding between 1 million and 10 million LINK, purchased 3.58 million LINK worth approximately $76.9 million over three days. This accumulation is often viewed as a bullish signal, suggesting these holders believe LINK is undervalued and expect a market rebound.
Key Resistance Levels For LINK
Despite the recent price correction, analysis platform More Crypto Online noted that Chainlink maintains an uptrend on larger time frames, with major support at $17.65. According to Elliott Wave Theory, if LINK holds above this level, it could rise to $69 during the expected third wave of the market cycle.
For a confirmed uptrend, Chainlink must break resistance levels at $25.10 and $28.30. A decisive five-wave move above these points would strengthen the bullish outlook and suggest further price increases, as this pattern indicates a strong trend continuation.
Currently, Chainlink trades at $21.90, reflecting a 1.44% gain in the past 24 hours, although daily trading volume has decreased by 12.55% to $726.44 million. With a market cap of $13.96 billion, LINK ranks as the 13th largest cryptocurrency.
