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Chainlink Rally

Whales Accumulate 376M $LINK at $6.30: Is a Chainlink Rally Imminent?

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  • Whales have accumulated 376 million $LINK at the $6.30 level, forming a strong support zone.
  • $15.22 has emerged as a key resistance level, with potential selling pressure from holders at a loss.
  • Analyst Ali suggests Chainlink’s next big move will depend on breaking key levels with strong trading volume.

According to a chart shared by popular crypto analyst on twitter Ali (@ali-charts), there has been a significant purchase of Chainlink’s native token ($LINK) at the $6.30 price range. Hence, he believes that this price region is a strong support level for $LINK.

The analyst revealed that $LINK buyers bought 376 million of the token, a proof of the conviction from large holders, known as whales. As shown by the green clusters, the chart showed that lots of buyers piled up at this price point.

Hence, majority of wallets that purchased the token at this price are holding it at a profit. With so many buyers at this point, it is unlikely that $LINK’s price will drop below this level.

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Source: X @ali_charts

Is this the Start of a Rally?

Also, the massive purchases at this point could be a signal that Chainlink is about to start a strong rally. Usually, purchases by deep-pocketed investors lead to price jumps as these players invest for the long term.

Hence, Ali believes that the $6.30 price could become the point at which $LINK’s price start experiencing a substantial upward movement. Meanwhile, the analyst also stated that the $15.22 price is a key resistance level for investors and traders to monitor.

At such levels, selling pressure are usually greater than buying pressure, leading to a pause or reversal in the coin price’s upward movement. Using the chart, Ali explained that the red clusters which corresponds with the $15.22 price represents a price point where addresses that purchased at this price are currently holding in losses.

Hence, if the coin’s price reaches this level again, many of them may choose to sell to recoup their investments, even though it would be without any profit.

According to the analyst, this could add to the selling pressure at this price level.

Chainlink’s Support Vs Resistance Zone

Ali also explained that Chainlink‘s price movement in the near to medium term will be determined by the interplay between the support price point of $6.30 and the resistance price point of $15.22. Should $LINK break above the $15.22 resistance price level following strong trading volume, it could start a stronger rally.

In contrast, it fails to break above this price, it could reverse back towards the established support levels. Traders seeking to make any position (buy or sell) would need to pay attention to broader market sentiment and trading volume between these important support and resistance levels.

Chainlink (LINK) Eyes $35 as Whale Accumulation and Spot Momentum Drive Bullish Outlook

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  • Chainlink is seeing aggressive accumulation by whales in the $18–$22 range, reflecting strong confidence among large holders.
  • Chainlink’s current rally is driven solely by spot trading, with leverage positions absent since early December, highlighting strong organic demand.
  • LINK has broken key resistance levels and is consolidating, which often sets the stage for significant price movements toward the $35–$36 range.

Chainlink (LINK) is navigating turbulent waters as its price faces significant downward pressure, reflecting the broader market downturn triggered by Bitcoin’s recent decline. This sudden shift has instilled fear across the crypto landscape, causing altcoins, including Chainlink, to lose their footing.

At the time of writing, LINK is trading at $23.29, with a 24-hour trading volume of $1.07 billion, a market cap of $14.86 billion, and a market dominance of 0.43%. The token has seen a sharp decrease of 7.05% over the past 24 hours, underscoring the volatility that has gripped the market.

LINK 1D graph coinmarketcap 1
Chainlink (LINK) Eyes $35 as Whale Accumulation and Spot Momentum Drive Bullish Outlook 6

Spot-Driven Rally Amid Whale Accumulation

Despite the current decline, LINK’s price action reveals some interesting dynamics. Notably, the token is trading free of leverage, with whales aggressively accumulating LINK in the $18-$22 range. This accumulation suggests strong underlying confidence among large holders.

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Chainlink (LINK) Eyes $35 as Whale Accumulation and Spot Momentum Drive Bullish Outlook 7

The current rally is entirely spot-driven, with leverage positions having been flushed out since early December, and they have yet to return. However, despite the absence of leverage, LINK has managed to regain upward momentum, highlighting the resilience of its spot market demand.

Chainlink Bullish Midterm Outlook

While the short-term outlook reflects bearish sentiment, LINK’s midterm prospects remain optimistic. According to recent market observations, Chainlink has successfully broken through key resistance levels, confirmed by a retest, and is currently consolidating in this range. This consolidation phase often precedes a significant price movement.

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Chainlink (LINK) Eyes $35 as Whale Accumulation and Spot Momentum Drive Bullish Outlook 8

Market analyst expectations suggest that LINK could target the $35-$36 range in the coming days. A decisive break above this resistance could pave the way for a new all-time high, signaling renewed bullish momentum. The absence of leveraged positions adds to the potential stability of this growth, reducing the likelihood of sudden liquidation events that typically exacerbate volatility.

Chainlink’s Long-Term Potential

For investors concerned about missing out on LINK’s growth, there’s still ample opportunity. Chainlink’s core technology serves as the bridge connecting blockchains to real-world data, positioning it as a critical infrastructure component in the expanding blockchain ecosystem. Its true potential is expected to unfold as regulatory clarity emerges, enabling broader adoption by banks, businesses, and institutions.

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As blockchain adoption accelerates, the demand for Chainlink’s services will likely surge, driving its value higher. This positions LINK as a compelling long-term investment opportunity, with strong growth prospects well into 2025 and beyond. The current market turbulence, while unsettling, may present a strategic entry point for those looking to capitalize on Chainlink’s transformative role in the crypto space.

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