Key Notes
- On-chain data shows the offloading of Chainlink from retail players, while whales buy the dips.
- Crypto Patel stated that LINK is holding a multi-year support zone, with a key accumulation range at $7–$10.
- The analyst predicts an initial upside to $31 and later to $100 for the LINK price.
Chainlink
LINK
$12.52
24h volatility:
1.9%
Market cap:
$8.87 B
Vol. 24h:
$323.58 M
has been on investors’ radar with strong whale buying. Although the LINK price is down 4% on the weekly chart amid the broader crypto market correction, big players are buying the dips. Furthermore, market sentiment remains upbeat as analysts predict 1000% upside from the key macro support.
Chainlink Whales Resume Fresh Buying
In the latest development, blockchain analytics firm Santiment reported that the top 100 Chainlink whale wallets have resumed accumulating LINK as the token slipped back below the $13 level. This renewed buying comes after a selloff by big players during the end of December.
As of press time, the LINK price is trading at $12.65 with its market cap at $8.95 billion. Moreover, the daily trading volume is also down 45%, reflecting short-term bearish sentiment.
Santiment reported that retail traders appear to be selling amid impatience and fear-driven sentiment. On the other hand, the smart money from big whale entities is entering the market. The firm added that periods of retail distribution often coincide with increased accumulation by larger holders.
Related article: CME Group to Launch Cardano, Chainlink, Stellar Futures on Feb 9On the other end, it seems that big players are trying to position themselves before the CME Group introduces Chainlink futures, next month on Feb. 9. This will lead to an overall surge in the trading activity for the LINK token.
What Happens to LINK Price Next?
The LINK price has been subject to overall crypto market volatility in recent times. This is due to the geopolitical uncertainties that are affecting the broader macro outlook, with risk-on assets suffering the most.
Despite this, market players continue to remain bullish on LINK price upside ahead. Popular analyst Crypto Patel stated that Chainlink is holding its multi-year support zone on a two-week chart. This shows a reversal structure on higher time frames that has been developing since the 2021 market peak.
Patel said LINK has confirmed a breakout and retest, with a key accumulation range between $10 and $7. He added that LINK is currently holding above the 0.618 Fibonacci level near $9.88, and is forming higher lows that could signal a shift toward a stronger macro trend.
On the upside, Patel identified $25 to $31 as the primary resistance band. He believes that this level could trigger a broader expansion move if reclaimed.
Patel outlined upside targets at $31, $52, and $100, calling the move as a potential cycle expansion if bullish conditions persist. He said the broader bullish structure remains intact as long as LINK price stays above the 0.5 to 0.786 Fibonacci zone.
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