chainlink

Chainlink (LINK) experienced a sharp pullback after being rejected at the $14.20 resistance level last week, briefly dropping to a local low of $13.03. Despite this correction, recent price action suggests that LINK may be entering a recovery phase, supported by renewed on-chain accumulation and improving market momentum.
At the time of writing, LINK is trading around $13.38, posting a 1.28% daily gain. Notably, trading volume surged by 63%, reaching approximately $314 million, indicating growing market participation during this consolidation phase.
While LINK remains below its short-term resistance zone, large investors appear to be taking advantage of the price dip to accumulate positions.
Chainlink Whales Accumulate Over $5.48 Million Worth of LINK
Following the rejection at $14.20, whale activity shifted noticeably. Between January 7 and January 10, on-chain data showed minimal buying activity from large holders, suggesting a temporary pause as the market corrected.
However, sentiment has shifted over the past 24 hours. According to the Whale Buy Activity indicator on TradingView, institutional and high-net-worth investors have returned to the market, with buying volume rising above 1.7 million LINK.
Additional data from Onchain Lens reveals the emergence of new wallets actively accumulating LINK. One newly identified wallet purchased 202,607 LINK, valued at approximately $2.7 million, while another acquired 207,328 LINK worth roughly $2.78 million.
Combined, these two wallets accumulated 414,935 LINK, representing a total investment of $5.48 million. On-chain patterns suggest that these wallets may belong to a single large investor, reinforcing the narrative of strategic accumulation during market weakness.
Spot Market Data Signals Ongoing Accumulation
Data from Coinalyze further supports the accumulation thesis. Between January 10 and January 12, total buy volume on the spot market reached 3.17 million LINK, exceeding sell volume of 2.6 million LINK. This resulted in a net positive delta of 570,000 LINK, a clear indication that buyers are gradually overpowering sellers.
Historically, sustained whale accumulation during corrective phases has often preceded stronger price recoveries, as it reflects long-term confidence rather than short-term speculation.
Can Renewed Demand Drive LINK Back Toward $14.20?
From a technical perspective, Chainlink is showing early signs of recovery. The Stochastic RSI has recently formed a bullish crossover and climbed to 48, signaling improving momentum, although it has not yet entered the strong bullish zone.
A decisive move above the 50 level on the RSI would further confirm buyer control and strengthen the bullish outlook.
That said, caution remains warranted. The Relative Vigor Index (RVGI) is still trading below its signal line, suggesting that selling pressure has not fully dissipated. For a clearer trend reversal, a bullish crossover on the RVGI would be an important confirmation.
If buying pressure continues to dominate, LINK could reclaim the $13.70 level and attempt another move toward the key resistance at $14.20. A successful breakout above this zone could open the door for further upside.
Conversely, if sellers regain control, LINK may struggle to maintain its recovery, with $12.90 acting as a critical support level to watch in the short term.
Disclaimer
This article is for informational and educational purposes only and reflects personal market observations. It does not constitute financial or investment advice. Cryptocurrency markets are highly volatile, and readers should conduct their own research before making any investment decisions. The author bears no responsibility for any financial losses incurred.
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