Key Highlights
- LINK has surged 35% in the last month, positioning for a potential move to $15
- Institutional ETF products recorded $5.36 million in September inflows via Bitwise CLNK and Grayscale GLNK
- Current trading price hovers near $11.50, with critical support established at $11.46
- Large wallet holders purchased approximately 10.36 million LINK tokens (valued at ~$120M) during recent price decline
- Breaking through the $12 resistance level could trigger a rally toward $13.30, $14, and ultimately $15
Chainlink (LINK) currently trades at $11.57, experiencing a 1.36% decline over the last day. The token’s intraday range spans from $11.46 to $11.80, supported by a market capitalization of $8.65 billion and 24-hour trading volume totaling $307.47 million.
The decentralized oracle network token has delivered impressive returns of 35% throughout the past month, capturing significant interest from both retail participants and institutional capital. Despite this recent strength, LINK remains 78.05% below its historical peak of $52.70 reached in May 2021.
Market analyst Ali Charts highlighted on X that major holders capitalized on recent weakness by buying during the dip. Following a 17% retracement from $13.68 down to $11.29, substantial wallets acquired approximately 10.36 million LINK tokens over a 96-hour window, representing roughly $120 million in value. According to Ali Charts, this pattern of large-scale accumulation following significant price corrections typically signals that major players are establishing positions ahead of potential upward movement.
September Brings Renewed ETF Momentum
Chainlink-focused exchange-traded fund products experienced positive capital flows during early September. Bitwise’s CLNK and Grayscale’s GLNK recorded inflows of $1.09 million and $4.27 million on September 9 and 10, respectively. Both funds reported neutral flow activity with zero net inflows on September 11.
The cumulative lifetime inflows across both ETF products have reached $151.76 million. Combined assets under management currently stand at $181.83 million, accounting for approximately 2.10% of Chainlink’s total market capitalization.
Grayscale’s GLNK maintains its position as the dominant product with $135.88 million in managed assets, while Bitwise’s CLNK oversees $45.95 million.
Critical Technical Zones in Focus
From a technical analysis perspective, $11.46 represents the most recently validated support zone. Immediate resistance exists between $11.57 and $11.60, with additional overhead pressure at $11.80.
The MACD histogram displays a modest positive value of 0.011, indicating that bearish momentum may be weakening. Meanwhile, the RSI registers at 38.65, positioned above oversold territory but not yet reflecting robust bullish pressure.
A decisive four-hour candle close above $12 would serve as the initial confirmation signal for bulls. This development could reestablish momentum toward the $13.30 swing high. Clearing that level would direct attention to $14, followed by the $15 objective — representing approximately 29% upside from current pricing.
Analyst Moe identified a LINK/BTC chart pattern showing the trading pair consolidating within a prolonged descending formation. The pair trades near a demand zone that may serve as a potential reversal point, though no confirmed breakout has materialized yet.
The Chaikin Money Flow indicator registers at -0.39, reflecting greater distribution volume compared to accumulation during the recent period. For improved near-term momentum, LINK must recapture the $11.55 and $11.60 levels.
The post Chainlink (LINK) Whales Accumulate $120M as Price Tests Critical Support Levels appeared first on Blockonomi.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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