- Whale wallets accumulated over $5.4M in LINK during the recent dip.
- Spot market data shows buyers regaining control from sellers.
- LINK must reclaim $13.7 to target resistance near $14.2.
Chainlink is showing early signs of recovery after a volatile week that pushed the token to a local low near $13. The pullback followed a rejection at the $14.2 level, a price zone that has capped LINK’s upside in recent sessions. While short-term weakness shook out some buyers, on-chain data now suggests larger players are quietly stepping back in.
At the time of writing, LINK is trading around $13.38, posting modest daily gains alongside a sharp increase in trading volume. That combination is drawing attention from traders watching for confirmation that the recent dip may be turning into a broader consolidation phase rather than the start of a deeper decline.
Whale Accumulation Signals Growing Conviction
After several days of limited activity, whale wallets have returned to the market with notable force. On-chain tracking shows two newly created wallets acquiring a combined 414,935 LINK tokens, worth approximately $5.48 million. The timing is telling — accumulation picked up just as price stabilized below short-term resistance.
This shift suggests that large holders are treating the pullback as a discounted entry rather than a reason to exit. Historically, renewed whale buying during periods of weakness has often preceded periods of improved price structure, especially when it coincides with rising spot demand.
Buyers Regain Control in Spot Markets
Supporting that view, buy-side pressure has started to outweigh selling volume. Recent data shows spot buyers absorbing supply at a faster rate, producing a positive buy-sell delta over the past several days. In simple terms, more LINK is being bought than sold, an early signal that sellers may be losing short-term control.
This kind of accumulation does not guarantee an immediate breakout, but it often creates the conditions for price stabilization and gradual upward movement, particularly if broader market sentiment remains steady.
Momentum Improves, but Resistance Still Looms
Technical indicators reflect cautious optimism. Momentum oscillators have turned higher, indicating that buyers are attempting to reclaim control. However, confirmation remains incomplete. Sellers are still active, and LINK has yet to decisively reclaim the $13.7 zone — a level that could open the door to another test of $14.2.
Failure to hold current levels would shift attention back to the $12.9 support area, where buyers would be expected to defend aggressively to avoid a deeper retracement.
Also Read: Chainlink ETF Goes Live: Can LINK Really Target $50 Next?
For now, Chainlink sits at a crossroads. Whale accumulation and improving demand suggest confidence beneath the surface, but the market still needs a clear push to overcome overhead resistance. If buying pressure persists, LINK may be well-positioned for another attempt at the $14.2 level. If not, consolidation or renewed downside pressure remains a realistic risk.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. CoinBrief.io is not responsible for any financial losses.
