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Chainlink (LINK) has seen a whirlwind of price activity, surging 50% before experiencing a sharp 15% retracement within 10 days. This volatility showcases the potential and unpredictability surrounding LINK’s recent price action, drawing attention from analysts and investors alike.
According to crypto analyst Ali Martinez, there’s a notable trend unfolding beneath the surface: Chainlink whales have been steadily accumulating LINK over the past two months. This accumulation by large holders suggests a growing conviction in LINK’s long-term value, reinforcing a bullish outlook for the asset.
Martinez’s data underscores this trend, highlighting that whales are continuing to add LINK to their portfolios despite the recent ups and downs in price. This activity suggests a solid foundation of support at current levels, as whales often act as market stabilizers.
The coming weeks are expected to be pivotal for LINK, as further accumulation by large holders could fuel another upward move. Investors are now watching closely as Chainlink’s price action could signal a broader shift in sentiment within the DeFi and Oracle sectors. Whether LINK will continue to build on this bullish momentum or enter a period of consolidation remains to be seen.
Chainlink Waking Up Smart Money
Chainlink has recently posted an impressive surge, aligning with the broader market’s rally as bullish sentiment resurfaces across the crypto space. Key data from crypto analyst Ali Martinez indicates a strong accumulation pattern among Chainlink whales, who have amassed over 15 million LINK in the past two months—an investment valued at around $165 million.
Chainlink whales accumulated over 15 million LINK over the past two months | Source: Ali Martinez on X
This substantial accumulation suggests high confidence among large holders, who appear committed to backing LINK despite its inherent price volatility.
While many altcoins have benefited from a wave of retail-driven speculation, Chainlink’s recent surge seems to be fueled by more than short-term market excitement. The active participation of whales, typically seen as more strategic investors, indicates a solid support base at current levels.
Martinez’s analysis highlights that the trend of accumulation by whales has been steady, even amid price fluctuations, which often signals confidence in longer-term potential.
However, the next few weeks will be telling. Analysts and investors closely monitor whether this accumulation trend will continue or if it was a temporary push to capitalize on favorable market conditions.
Sustained buying by whales would likely bolster LINK’s price further, reinforcing that Chainlink’s network and utility as a decentralized oracle provider hold significant value in the evolving blockchain ecosystem. Conversely, if accumulation slows, LINK could see a period of consolidation as the market recalibrates.
Key Levels To Watch
Chainlink is trading at $13.3 after reaching a local high of $15.3, marking a significant move that has renewed investors’ optimism. In this recent rally, LINK broke above the 200-day moving average (MA) at $12.8, a critical level often seen as a key indicator of long-term market sentiment.
LINK trading above the 200-day MA | Source: LINKUSDT chart on TradingView
To confirm this bullish momentum, LINK needs to hold this 200-day MA as a support level; if successful, it would reinforce the bullish price structure and signal the potential for further gains. Holding above $12.8 would set a strong foundation for LINK’s price action, suggesting that buyers have established control and are willing to defend current levels.
If this support holds, LINK could make a sustained push above its recent local high at $15.3. Analysts anticipate that a confirmed breakout would open the door for LINK to test higher resistance levels, with the potential for a strong continuation in the coming weeks.
However, if LINK fails to hold the 200-day MA, the price may retest lower support areas, potentially disrupting the bullish momentum. For now, all eyes remain on $12.8 as LINK attempts to solidify its recent gains and prepare for a possible run higher.
Featured image from Dall-E, chart from TradingView
