Is a Big Chainlink Rally Coming?

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Whales bought 4.73M LINK in 48 hours as the price rebounds and ETF inflows grow. Analysts eye $16 short-term, $100+ in the long run.

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Summarize with AI

Chainlink (LINK) has seen a sharp rise in whale accumulation over the past two days. This increase in whale buying, paired with improving technical conditions and a new ETF listing, has shifted short-term sentiment around the asset.

Large Holders Accumulate as Price Recovers

Over a 48-hour window, wallets holding between 100,000 and 1 million LINK picked up roughly 4.73 million tokens, according to on-chain data shared by analyst Ali Martinez. The total balance of these wallets rose from about 155 million to 159.47 million LINK. This accumulation followed several weeks of flat or declining holdings through most of November.

During that same period, LINK’s price fell from over $16.50 to just above $12. The new round of whale buying appeared to coincide with a price rebound to around $15 at press time, showing a possible shift in short-term momentum.

Last month, large wallets offloaded over 31 million LINK, as CryptoPotato reported. The recent change in behavior suggests renewed positioning by long-term holders.

Meanwhile, recent exchange data shows LINK continues to move into self-custody. CryptoQuant reports that fewer than 130 million tokens remain on centralized platforms. This level is near the 44-month low set in early December and suggests lighter near-term selling pressure.

Adding to the recent momentum, the newly launched Grayscale Chainlink Trust (GLNK) began trading on NYSE Arca last week. The ETF, which was converted from a closed-end fund, recorded $37 million in inflows on launch day and an additional $3.84 million (on December 3). Current assets under management stand at approximately $67.55 million, according to SoSoValue.

Technical Outlook Eyes Higher Levels

Analyst CryptoWZRD noted that LINK’s daily chart closed strong, with LINKBTC nearing a trendline breakout. Key levels to watch include resistance at $16 and support at $12.

On the intraday chart, LINK is trading near $15.20. A breakout could push the price toward $16.90, while rejection at that level may lead to sideways action. The next lower support is around $13.50.

In the broader trend, analyst CW shared a long-range chart showing LINK within a rising channel that has guided price movement for several years. LINK is currently sitting near the lower boundary of this channel, which has historically acted as support during previous cycles.

According to CW,

That midline aligns with the $100 to $120 zone, based on the long-term trend.

    
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Source: https://cryptopotato.com/4730000-link-grabbed-by-whales-in-just-2-days-is-a-big-chainlink-rally-coming/