Key Takeaways
- Crypto whales have purchased a total of 1.25 million LINK tokens over the past 48 hours.
- Chainlink (LINK) price action suggests that the asset could only rally if it clears the $24 hurdle.
- On-chain metrics indicate that the short-term trend remains bearish, while the long-term trend remains bullish.
The interest of crypto whales in Chainlink (LINK) has skyrocketed, despite the price continuing to decline. Amid ongoing market uncertainty, the token has slipped nearly 20%, forming large red candles, but whales stacking suggests a potential reversal.
Crypto Whales Add 1.25 Million LINK, Time to Buy?
A well-followed crypto expert recently shared data from the on-chain analytics tool Santiment on X (formerly Twitter). In the post, the expert revealed that over the past 48 hours, crypto whales holding between 100,000 and 1 million LINK tokens have purchased a total of 1.25 million LINK tokens.
This substantial accumulation by these whales was recorded when LINK witnessed a liquidity sweep, as the price failed to hold the local support at $23.
LINK Price Momentum and Rising Trading Volume
At press, LINK is still trading below $23, hovering near the $22.90 level. Meanwhile, the token has gained a modest 1.15% over the past 24 hours.
Despite the price showing some recovery and whales making massive accumulations, trader and investor participation remains low. CoinMarketCap data reveals that LINK’s trading volume during the same period has dropped by 15% compared to the previous day.
At this point, when whales have added millions of tokens, anyone might wonder whether LINK’s current level is an ideal buying opportunity, or if it could decline further in the coming days.
Chainlink (LINK) Price Action and Key Levels to Watch
TimesCrypto’s technical analysis reveals that LINK, on the daily chart, appears to be forming a bullish falling wedge pattern and is currently at the lower boundary.
However, the broader market sentiment remains weak, and LINK’s potential upside rally could only occur if it breaks out of this pattern.
Based on recent price action, it appears that a major rally would only be possible if LINK clears the hurdle near the $24 horizontal level and breaks out of this falling wedge pattern. If this happens, LINK’s price could soar by 14% and potentially reach the $27 level.
At press, the Exponential Moving Average (EMA) is flashing a bearish signal, as the 9 EMA appears to be crossing below the 15 EMA (bearish crossover).
On-Chain Metrice Hints Mixed Sentiment
Given the current market sentiment, investors and long-term holders appear to be seizing the current dip as an opportunity by following a buy-the-dip strategy.
Data from the on-chain analytics tool Coinglass reveals that over the past 24 hours, exchanges have recorded an outflow of $12.13 million worth of LINK tokens, suggesting potential accumulation. However, this outflow from exchanges has been ongoing since August 21, 2025.
On the other hand, traders seem to be following the current trend by heavily betting on short positions.
At press, LINK’s major liquidation levels are at $22.36 and $23.75, where traders are over-leveraged. On-chain data reveals that traders at these levels have built $5.36 million and $14.05 million worth of long and short positions, respectively.
When combining these metrics, it appears that in the short term, bears are dominating, whereas the long-term outlook remains bullish.
