Chainlink’s market cap has hovered near $6.25 billion this past week, with daily trading volume sitting at $215 million. The volume-to-market-cap ratio stands at 3.36%, indicating steady but unspectacular liquidity.
Whales have been quietly scooping up LINK tokens, mainly from Binance and Coinbase, while institutional investors remain largely inactive. One whale increased their stash to over 266,000 LINK, now worth more than $2 million, moving the tokens to a Gnosis Safe multisig wallet a sign of long-term holding.
Another major buyer recently added 163,494 LINK, valued at $1.37 million, pushing their total holdings to 2.4 million LINK, worth roughly $20 million. This suggests strong conviction from large holders despite the lack of institutional ETF activity in LINK, Dogecoin, and Avalanche.
LINK is trading in a demand zone between $5.64 and $8.73, a level that has held since 2019 and supported rallies to $22, $27, and $29 in the past. The current retest digs deeper than before, potentially setting up a sharp rebound if buyers step up accumulation.
On-chain data supports this outlook the number of addresses holding LINK climbed steadily to over 900,000 this year, showing broad retail and whale participation despite institutional sidelining.
The Choppiness Index sits near 51, reflecting sideways price action around $8. With LINK balanced between its 9-week and 21-week moving averages, the scene is set for a possible breakout if demand holds firm.
This article is for informational purposes and does not constitute financial advice.
