Is Chainlink (LINK) Ready to Bounce Back? Whale Buying Signals Recovery

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Chainlink (LINK) has found strong support near $16.91 after a 15% decline, with potential for a recovery if this level holds.
Whale activity spikes indicate growing confidence, as large holders accumulate LINK while some smaller whales sell off.
LINK shows record transactions and active wallets, signaling strong network engagement, though caution is advised due to bearish MACD signals.

Chainlink (LINK) has recently established support close to $16.91 after a largely bearish performance in the past week. The cryptocurrency has declined by more than 15% and is trading around this descending trend line, which has been a key level of support in the past. If the price remains at this level, there stands a strong potential towards a further recovery of Chainlink.

Chainlink Whale Buying Surge

Technical analysis of the on-chain data also points to the future for the long-term trend of the LINK/USD pair. A notable number of whales have emerged during this period and thus this has boosted this view. The average stake holders who own wallet with between 100,000 and 10,000,000 LINK tokens have accumulated their stakes gradually over time.

Wallets holding between 100,000 to 1 million LINK tokens increased from 155.31 million to 159.53 million as per Santiments Supply Distribution data. Consequently, the number of wallets with between a holding of 10m to 100m LINK also grew up from 479m to 480.78m.

These spikes on the whale activity indicate that the large investors in Chainlinkbelieve in the current low prices and are engaging in more buying of the digital asset. On the other hand, some whales that possessed between 1 million and 10 million LINK tokens sold their tokens in the same time span. This movement gives a signal that despite the whales that may be selling the coin, there are others that are scooping up the LINK token at lower prices thus propelling its recovery.

As the crypto market trends downwards, LINK has remained to be a network with key stakers that are accumulating tokens at lower prices. Chainlink has recorded 1,659 daily transactions which have been above the $100,000 mark, a record first since 2023. Moreover, it involved 9,531 active wallets in interaction with the network which has been the liveliest 4-weeks testing period in recent time.

With crypto taking a swing back down, Chainlink has stood out as a network with heavy key stakeholder dip buying. 1,659 daily $100K+ $LINK transactions is the most since 2023, and 9,531 active wallets is the most in 4 weeks. When altcoins rebound, keep an eye on this asset. pic.twitter.com/GUjHJALLV3
Santiment (@santimentfeed) February 4, 2025

Price Action and Support Levels

As of now, LINK is situated near to $19.88 while it has tested $16.91 as its key support area. The price level is also significantly close to the 50-day Exponential Moving Average at $18.88 and hence a good support area for Chainlink. If this trend line will remain intact, it is very possible that the cryptocurrency will surge to its earlier high of $31.20 in December of the year 2024.

However, even if the overall mood is definitely optimistic, one should be careful. The relative strength index for LINK is currently 52, thus making the current market state neutral. Nevertheless, all is not well in the short term, as the MACD is hinting of a bearish crossover, which might mark a short-term downturn. It is important for the traders to pay attention to them to determine whether this bounce can be sustained or not.

Chainlink is in a bullish zone with an outlook in the short-term due to buy signs from the whales, heightened network interaction, and some underlying fundamental factors. However, short term investors should be aware of the short term pullbacks.

Disclaimer:

The information provided on this website is intended for general informational purposes only and does not constitute professional financial advice. Users should conduct their own research and consult with a licensed financial advisor before making any investment decisions. By using this site, you acknowledge and accept that you are solely responsible for your investment choices and any associated risks.

Read more: https://www.tronweekly.com/is-chainlink-link-ready-to-bounce-back-whale/

Text source: TronWeekly

News Altcoin News altcoin chainlink Chainlink Price Prediction Crypto news LINK Bullish Trend LINK price Analysis Written by Arslan Tabish On Thu, 06 Feb 2025 Disclaimer: Financial information and news are not financial advice, read the disclaimer. Buy & sell Crypto in minutes

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