Whales Grab $120M in Chainlink: Will Chainlink Hold at $13.20 Support?

Chainlink (LINK) has caught the attention of market observers due to significant movements in its price and notable accumulation by large investors. Reports from Ali Martinez, a top analyst, indicate that whales have acquired over 10 million LINK tokens, amounting to approximately $120 million, suggesting a concentrated effort to accumulate this digital asset.

Lookonchain data reveals that since June 24th, 93 newly created wallets have withdrawn a substantial 12.75 million LINK tokens from Binance, valued at about $167 million based on current market prices. This surge in withdrawals hints at a trend where large entities, possibly institutional investors or high-net-worth individuals, are actively increasing their holdings in Chainlink.

As of the latest market update, Chainlink is priced at $13.76, reflecting a recent increase of 4.82% over the past day. The cryptocurrency’s market capitalization stands at approximately $8.37 billion, with a 24-hour trading volume of $302.83 million, marking a 30.09% rise in trading activity.

Technical analysis points to crucial support and resistance levels influencing Chainlink’s price movements. The $13.20 level has emerged as a strong support zone, where significant buying interest has countered price declines. Below this, $13.00 also serves as a critical support, indicating stability and potential buying opportunities during market pullbacks.

On the resistance front, $13.60 has historically posed challenges to upward movements but was recently breached, suggesting a positive shift in sentiment among investors. At present, the price of $13.76 acts as the immediate resistance, marking the peak of the current trend. A decisive break above this level could signal further bullish momentum for Chainlink.

Analyzing Chainlink’s 1-week Relative Strength Index (RSI) reveals a reading of 45.41, indicating that the cryptocurrency is approaching oversold conditions. While not yet at extreme levels, this suggests a potential reversal or consolidation in the near term. Moreover, the 1-week Moving Average Convergence Divergence (MACD) indicator, trading below the signal line, signals ongoing bearish momentum.