Chainlink’s price initially surged from around $17.70 to a peak above $19.00 before facing consistent selling pressure.
After maintaining mid-range stability for a while, momentum weakened, leading to a steady decline. The price has now settled near $17.80, signaling bearish sentiment.
As of this writing, the Memecoin is exchanging hands at around $17.73 with a 24-hour loss of 0.2%.
According to analyst Alex Clay, Chainlink (LINK) has established strong support at the confluence of the key horizontal zone and the 100-week EMA on the weekly timeframe.
This critical intersection indicates a potential bullish reversal after more than 700 days of steady re-accumulation.
The consistent defense of this level shows renewed investor confidence and accumulation by market participants anticipating the next major move.
Clay highlighted that LINK’s price structure suggests an upcoming retest of the Major Supply Zone, which could ignite a strong rally.
The projected targets for this move are $31.65 as the first milestone and $46.00 as the second, representing the upper boundary of the long-term resistance area.
If LINK successfully breaks through these levels, it would confirm a continuation of the broader bullish cycle, signaling a significant shift in market momentum.
Whales accumulate $116M in LINK after market crash
According to on-chain data platform Lookonchain, there has been a massive wave of accumulation in Chainlink (LINK) following the market crash on October 11.
A total of 30 new wallets have collectively withdrawn 6,256,893 LINK, valued at approximately $116.7 million, from Binance.
This large-scale movement of tokens from exchanges to private wallets signals strong confidence among institutional players and high-net-worth investors.
Such withdrawals typically indicate long-term holding intentions rather than short-term trading activity.
This surge in accumulation aligns with the ongoing bullish narrative surrounding LINK’s network growth and strategic integrations in the blockchain ecosystem.
The timing of these transactions, immediately after a sharp market downturn, highlights strategic buying behavior from smart money investors.
They appear to be capitalizing on lower prices to build substantial positions ahead of a potential recovery.
Such consistent accumulation from multiple wallets reinforces the market’s optimistic outlook for Chainlink’s medium to long-term trajectory.