Chainlink (LINK) is currently in the spotlight following massive accumulation by whales.
Recent data shared by on-chain analyst Ali Martinez shows that over 800,000 LINK were purchased by whales during a price drop, a move often seen as a strong signal of confidence in the token’s future.
Despite market pullback, Chainlink shows lively exchange flows
Currently, LINK is hovering around $21.11, down 1.87% in the past 24 hours. Its market capitalization stands at $14.41 billion, with a 24-hour spot volume of around US$152.84 million, demonstrating that interest in this altcoin remains strong despite the ongoing correction in the crypto market.
A look at the movement of funds on exchanges reveals a rather interesting flow chart. According to CoinGlass, Binance recorded inflows of over $7 million, while Coinbase and Upbit experienced outflows in the range of $1.2 million to $1.3 million.
Meanwhile, OKX recorded additional inflows of around $1.16 million, and Kraken also contributed $536,000. This picture makes the market appear like a liquidity tug-of-war, with some exchanges gaining ground while others are losing ground.
Testing key support could unlock a rally beyond 100%
Beyond fund flows, technical analysis is bringing more depth to the LINK narrative. An analyst known as FLASH observes that the price is currently testing the upper boundary of a triangle pattern on the two-week chart.
A key support level is located right around $21.86. If the Chainlink token price can hold there, the potential for a much higher jump is wide open, with an optimistic target even pointing to around $53.50, an increase of over 100%.
Furthermore, the narrative of whales actively buying up during corrections has further fueled market optimism. Large players typically don’t jump in haphazardly, so their actions are often used as a reference by retail traders looking for directional signals.
However, as always, there is no guarantee that the pattern will always play out as expected, as the crypto market is known for its extreme volatility.