The price of Chainlink (LINK) has recently become the focus of the market. In just five days, 30 newly created wallets withdrew 1.37 million LINK from Binance, worth as much as $34.1 million. This accumulation has led investors to focus on the future trend of LINK, particularly whether it can break through key resistance levels.
As of the time of publication, LINK's price has risen by 4.01%, reaching $24.93. Combined with significant whale activity, market sentiment is becoming increasingly complex: will LINK break upwards, or will it consolidate within the current range?
Whale activity and on-chain accumulation
According to observations from the on-chain data analysis company Lookonchain, the targets of these massive capital flows are very clear: to accumulate LINK centrally. Such whale behavior is often seen as a potential precursor to price increases.
The amount withdrawn by 30 wallets from Binance approached $34.1 million within five days, and this concentrated buying suggests that whales are positioning themselves for future market fluctuations. Combined with the current market environment, this activity may signal an important price breakthrough for LINK is on the horizon.
Break through resistance or continue to consolidate?
From a technical perspective, LINK's price is currently facing strong resistance around $26.14, while $22.04 provides solid support. The MACD indicator shows bearish momentum, but the ADX reading is 28.99, indicating a certain strength in the trend.
If LINK can break through the resistance level of $26.14, then the target of $30 will become the next key point. This not only provides opportunities for bullish investors but may also attract more market capital's attention. However, if it fails to hold the support level, the price may further enter consolidation, delaying any significant upward movement.
Divergence between whales and retail investors
Despite positive signals from whale activity, retail participation seems to have declined. In the past week, the number of new addresses and active wallets on the Chainlink network decreased by 25.06% and 23.94%, respectively. The reduction in the number of zero balance addresses (down 31.97%) further indicates a weakening enthusiasm among retail investors.
In contrast, the concentrated accumulation behavior of whales showcases another side of the market: despite the temporary silence of retail investors, large capital holders are preparing for potential future rises. This divergence may suggest that the market is in the early stages of strategic accumulation.
The decline in foreign exchange reserves coincides with an increase in trading volume — a bullish environment is gradually forming.
According to data from CryptoQuant, LINK's daily trading volume increased by 1.05%, reaching 11,466 transactions. The increase in trading activity indicates a rising market interest in LINK, which may be closely related to recent whale activities.
Additionally, the exchange reserves slightly decreased by 0.06% to 172.5 million LINK. This change reflects a reduction in the selling supply circulating in the market, and given stable demand, this supply tightness may positively support prices.
Is a breakthrough for LINK imminent?
Integrating on-chain data and technical analysis, LINK's price trend is at a critical juncture. The large-scale accumulation by whales, the decline in foreign exchange reserves, and the increase in trading activity together create a bullish environment. If LINK can successfully break through the resistance level of $26.14, the target of $30 will be within reach. This is not only an opportunity for investors but may also become a turning point in market sentiment.
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