Chainlink (LINK) Gains Momentum as Whales Show Strong Confidence

Chainlink may be on the verge of a rally. Large investors holding 1 million to 10 million LINK have purchased 3.58 million tokens in three days. These acquisitions, worth $76.9 million, suggest growing confidence in LINK’s future growth. In contrast, retail investors have taken a different approach. Smaller holders sold 5.67 million LINK over the last two months.

🔗🐳Chainlink has retraced in the second half of December, like the vast majority of crypto has. Interestingly, though, their key active whales that hold between 1M-10M LINK have accumulated 3.58M coins (worth $76.9M) in just the past 3 days. 👀 pic.twitter.com/6JlDtPUqb2

— Santiment (@santimentfeed) December 28, 2024

Their actions reflect uncertainty and a preference for securing short-term profits. Recent whale activity also includes significant token transfers. A whale deposited 250,000 LINK, valued at $5.37 million, on Binance and OKX. However, earlier withdrawals of 595,000 LINK, worth $17.31 million, indicate a broader accumulation strategy. These developments suggest whales are positioning for long-term gains, reinforcing bullish sentiment for LINK.

Key Chainlink Levels To Watch – December 31

LINKUSD remains bullish, with the price currently retracing to test support near $19.070. The key support level at $19.070 has shown resilience, indicating potential for a rebound.

The 9-day SMA around $22.510 serves as an initial resistance, with a breakout targeting the fair value gap above $25.720 and higher levels. Stochastic indicators in oversold territory signal a likely upward reversal in the near term.

Chainlink Key Levels

Resistance Levels: $30.950, $34.020, $35.940 
Support Levels: $19.070, $16.260, $12.700

LINK Metrics

Total Market Capitalization: $3.29T
LINK Market Capitalization: $13.45B
Chainlink Volume: $531.33M
Market Rank: #13

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