Whales Scoop Up 53 Million LINK as Chainlink Shows Strong Growth

TLDR

• Chainlink’s whale and shark wallets have accumulated 53 million LINK in the past year, showing strong investor confidence.
• Despite a price dip to $16, large investors continue to add LINK, signaling potential for a future rally.
• Chainlink is forming a symmetrical triangle pattern, with a breakout above $25 possibly triggering a major price increase.
• Over 54.5 million LINK have been accumulated at the $16 support level, creating a strong foundation for growth.
• Chainlink ranks second for development activity, indicating ongoing project progress and long-term potential.

Chainlink (LINK) experienced a turbulent market period in October but remains a target for large investors. Despite its price drop to $16 during the market downturn, top investors have continued to accumulate the asset. This trend signals strong confidence in LINK‘s potential, particularly among whales and sharks holding significant token amounts.

Whales and Sharks Continue Accumulating LINK

Over the past year, Chainlink’s whale and shark wallets have grown steadily. Santiment data reveals these wallets have added 40 million LINK, a 28% increase. This accumulation also saw the addition of 103 new addresses, which indicates rising interest.

In the past six months, whale and shark wallets gained an additional 12.9 million LINK, reflecting a 7.6% rise. These wallets also added 30 new addresses during this period. More recently, in the last three months, these holders accumulated 8.7 million LINK tokens.

Whale activity further intensified during the past month, with 2.8 million LINK being added. The consistent growth in LINK holdings suggests that these investors are positioning themselves for long-term gains. Analysts continue to monitor these patterns, which suggest confidence in Chainlink’s future price potential.

Chainlink Showing Strength with Technical Setup and Support

Despite recent price drops, Chainlink has demonstrated resilience. Analyst Ali Martinez pointed out that LINK is forming a symmetrical triangle pattern. A breakout above the $25 mark could signal the start of a major rally for LINK.

The $16 level has acted as a crucial support zone, with over 54.5 million LINK tokens accumulated in that range. This creates a solid foundation for a potential upward move in the coming months. Recent whale purchases of an additional 13 million LINK further reinforce this support level.

Chainlink’s vigorous development activity adds another layer of confidence. Over the last month, the project ranked second in terms of development activity, just behind MetaMask. This places Chainlink ahead of projects like Dfinity’s Internet Computer (ICP) and Radworks (RAD).

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