Chainlink (LINK) is showing weakness in the short term as the wider crypto market turned bearish.
The token dropped 2.24% over the last 24 hours, in line with Bitcoin falling below the $112,000 support level. This market shift triggered losses across major altcoins.
At the time of writing, LINK trades at $24.60 with a daily trading volume of $2.14 billion, up 84% in 24 hours. Its market capitalization stands at $16.67 billion.
Whale activity hits 7-month high
On-chain data reveals a notable increase in whale activity surrounding Chainlink. Large wallets have reached their highest activity levels in seven months, indicating strong interest from big investors despite the pullback.
This surge in accumulation suggests confidence in LINK’s mid-term outlook. Historically, rising whale activity has often preceded major price moves.
Current accumulation could act as a catalyst for LINK’s next rally once market conditions stabilize.
Short-term price targets
From a technical perspective, LINK’s chart structure remains bullish despite the dip. According to More Crypto Online’s market analysis, $47 is the first major resistance zone and a key level to watch.
A breakout above this area could pave the way for cycle highs above $100 in the longer term.
For now, traders are keeping an eye on whether LINK can hold above its $24 range. A sustained recovery supported by whale demand may provide the momentum required to test higher levels.
Chainlink partnership adds fundamental support
Alongside its price movements, Chainlink announced a new collaboration with Japan’s SBI Group, a financial conglomerate with assets over $200 billion. The focus will be on tokenized funds, stablecoins, and real-world assets.
While the partnership adds long-term utility and credibility, near-term market sentiment continues to dictate LINK’s price direction.
Chainlink momentum builds
With growing whale accumulation, strong technical setups, and expanding real-world integrations, Chainlink stands out as one of the top altcoins to watch.
The $47 resistance remains the key target as LINK navigates through market volatility.