LINK’s top holders added 4.59% to their wallets, now totaling 646M LINK.
Exchange Netflow turned negative, indicating outflows and accumulation pressure.
Long/Short Ratio hits 3.38, and Futures Taker CVD remains green.
LINK still trades below $20; potential support at $16.94 could offer a bounce.
After a short-lived breakout attempt, Chainlink (LINK) was rejected at the critical $20 resistance level.
Over the past three days, LINK has trended downward, reaching a low of $17.70 before slightly recovering to $17.98 at press time, down 5.3% in 24 hours and over 16.8% in a week.
Despite the dip, data reveals a notable rise in whale activity, suggesting strong confidence among large holders.
According to data from Nansen, the top Chainlink holders increased their balances by 4.59%, bringing the total to 646 million LINK. These increases occurred over four consecutive days, indicating sustained whale accumulation.
Source: Nansen
In a major single transaction, Onchain Lens reported a whale purchasing 934,516 LINK, worth approximately $16.92 million.
This behavior typically reflects a mid-term bullish bias among institutional investors.
Supporting this, CoinGlass data shows LINK’s Netflow at $7.62 million, signaling strong outflows from exchanges, a key indicator of spot accumulation.
Further analysis shows whales are not just active in spot markets, they’re also dominating the futures market.
According to CryptoQuant, the Futures Taker CVD has remained green throughout the past week. This metric highlights buyer dominance and suggests consistent demand in the derivatives space.
Additionally, average order size surged during the week, showing that large-volume trades, typical of whale behavior, led the market for four consecutive days.
Coinalyze data confirms this sentiment. The Long/Short Ratio rose to 3.38, with 77.15% of open contracts favoring long positions.
Source: Coinalyze
This skew toward bullish bets supports a positive Chainlink price prediction from derivatives traders.
Despite accumulation trends and bullish indicators, LINK’s price has not yet responded.
The current downtrend could continue toward the lower Bollinger Band around $16.94, a level that might act as support.
If whale accumulation persists, it may absorb selling pressure, potentially pushing LINK back toward its 20-day Exponential Moving Average (EMA20) at $20.3.
A successful breakout above this resistance would open the door to a rally toward $24, near the upper Bollinger Band, a key target for bullish Chainlink price predictions.
While price action remains weak, the combination of whale accumulation, exchange outflows, and bullish derivatives signals hints that LINK could be setting up for a reversal.
That said, caution is warranted until the token clears the $20.3 resistance. Traders should watch for confirmation signals such as:
Holding support above $16.94
Increasing spot volumes during price moves
Reclaiming the EMA20 with strong momentum
Chainlink is showing strong signs of whale accumulation and bullish sentiment in derivatives. While short-term price weakness persists, these factors may support a mid-term recovery.
Support at $16.94 is critical. A breakout above $20.3 (EMA20) could set the stage for a move toward $24.
Price action often lags on-chain signals. While whales are accumulating, broader market sentiment and technical resistance may delay LINK’s rebound.
If LINK breaks above $20.3 with volume, a move toward $24 is likely. Failure to hold above $17 could see a retest of lower support zones.
Subscribe to stay informed and receive latest updates on the latest happenings in the crypto world!
Content Strategist
Subscribe to stay informed and receive latest updates on the latest happenings in the crypto world!
Skip to content
