Chainlink Whales Accumulate $120 Million as LINK Tests Support
Key Takeaways
- •Large Chainlink holders bought approximately 10.36 million LINK, worth around $120 million, across a 96-hour period while the token was in decline.
- •LINK dropped 17% from $13.68 to $11.29 after peaking near $13.50-$13.60 on September 7, and a September 11 rebound above $12 was rejected, pushing the price back toward $11.50.
- •Momentum indicators remain bearish, with the RSI at 41.81 below its 45.02 moving average and the MACD negative at -0.021.
- •Michael van de Poppe identified $10 as a potential buying area if the broader market declines, while a move above $11.80 could set a target zone of $15.
- •Immediate support is positioned at $11.40-$11.50, and a break below $11.40 could expose LINK to further downside.
Chainlink whales accumulated approximately 10.36 million LINK, valued at about $120 million, after the token underwent a 17% correction from $13.68 to $11.29.
LINK is holding near $11.50, with $11.40-$11.50 identified as immediate support. RSI and MACD remain bearish. Analyst Michael van de Poppe cited $10 as a potential buying zone, while a move above $11.80 could open a path toward $15.
Whales Add LINK After Sharp Correction
Analyst Ali Charts reported that large entities purchased roughly 10.36 million LINK over a 96-hour period during the recent decline. The accumulation followed LINK’s 17% drop from $13.68 to $11.29. Ali Charts’ report is available on X.
According to the analyst, the purchases could reflect positioning for a rebound. However, the reported accumulation occurred while LINK continued trading below its September peak. Van de Poppe separately said investors could consider accumulating LINK at current levels and outlined two possible scenarios based on broader market direction.
LINK Holds Near $11.50 After Rejected Rebound
LINK reached approximately $13.50-$13.60 on September 7 before entering a bearish reversal. The token subsequently formed lower highs and lower lows through $13, $12.50, and $12. A rebound on September 11 briefly lifted LINK above $12, but sellers rejected the move and pushed the price back toward the $11.50 region.
The latest reading placed LINK at $11.454. The candle opened at $11.453, reached $11.470, and fell to $11.445. Trading volume was near 6.01K LINK, while smaller candles indicated tighter consolidation.
RSI stood at 41.81, below its 45.02 moving average and the neutral 50 level. MACD remained negative at -0.021, compared with a signal line at -0.019.
Analysts Identify Key LINK Price Levels
Van de Poppe said a broader market decline could create a buying area around $10. If markets avoid another breakdown, he would watch for a move above $11.80 and identified $15 as LINK’s next target zone.
The chart places immediate support at $11.40-$11.50, followed by $11.00-$11.20. Resistance is positioned around $11.80-$12.00, with $12.50 as the next level. A move above $12 could support a recovery attempt, while a break below $11.40 could expose LINK to lower prices.
