A major Chainlink whale increased its stake by purchasing 1.58 million LINK tokens valued at about $13.2 million over the past week through several Binance withdrawals. This boosted the whale’s total holdings to nearly 1.58 million LINK, worth roughly $13.3 million, signaling confidence despite the token’s recent price consolidation.
By moving such a large amount off exchanges, the whale effectively reduced the circulating supply, which often indicates accumulation and bullish sentiment. However, the broader market reacted cautiously, with LINK’s price hovering above $8.18 without a significant breakout.
Binance data reveals that nearly 70% of top traders remain long on LINK, maintaining a Long/Short Ratio of 2.31. This suggests that experienced traders are optimistic about future gains, even though the price still trades sideways. According to CoinGlass, these positions align with the accumulation trend triggered by the large whale activity.
Price Support Holds as Bulls and Bears Battle
LINK has held firm above the $8.18 support level after recent selling pressure, but technical signals indicate momentum is weakening. The MACD remains above its signal line, yet its histogram shows a shrinking trend, pointing to fading buying power. Meanwhile, the Parabolic SAR switched above the price near $8.75, suggesting short-term bear control.
Despite this, buyers have so far protected key support zones, preventing an immediate slide. If selling intensifies, LINK could test lower levels, but sustained demand might pave the way for another upward move. According to TradingView, downside liquidity remains concentrated below the current price, increasing the risk of sell-offs if sentiment shifts.
