Chainlink Price Reaches Multi-Year High as Whale Transfers $9.6 Million to Aave

Chainlink’s price has extended its remarkable upward trajectory, marking three consecutive weeks of gains and reaching its highest level since January 2022.
Chainlink Hits $26.40 Amid Growing Whale Activity
Chainlink (LINK), the leading oracle network in the blockchain industry, surged to $26.40, driving its market capitalization to over $16 billion. This rally has been fueled by significant whale activity, highlighting continued accumulation by major investors.
According to a report by Lookonchain, a notable whale moved LINK tokens worth $9.6 million from Binance to Aave (AAVE), borrowing $4 million and subsequently depositing it back to Binance, potentially for further LINK purchases. Similarly, Etherscan data revealed another whale transferring $7.16 million worth of LINK from Coinbase to a self-custody wallet. Additionally, a separate whale moved over $2 million worth of LINK to OKX.
Whale accumulation often serves as a bullish indicator for cryptocurrencies, given the substantial transaction volumes involved. Nansen’s data shows that the number of LINK tokens held on exchanges currently stands at approximately 253.4 million, slightly lower than the previous week.
Limited Retail FOMO Supports Chainlink’s Uptrend
Santiment, a leading crypto analytics firm, noted that Chainlink’s recent surge has occurred with minimal retail-driven fear of missing out (FOMO). According to their analysis, this subdued retail interest could further support LINK’s upward momentum, as markets often move contrary to mass expectations.
“Chainlink has enjoyed a late-week rally and now needs to climb just 10.8% to match its three-year high from January 2022. It is encouraging that there is very little retail FOMO toward LINK,” Santiment stated.
Technical Analysis: Chainlink Flips Key Resistance Level
From a technical perspective, LINK’s price has broken past critical resistance at $22.85, turning it into a support level. This price point had previously marked a significant high on March 11. The rally has also propelled LINK to the 50% Fibonacci Retracement level and above the 50-week and 100-week moving averages.
Chainlink’s next immediate target is $31.25, representing the extreme overshoot level on the Murrey Math Lines tool. In the longer term, analysts anticipate that LINK could potentially double in value, aiming for its all-time high of $52.
However, a drop below the $22.85 support level could invalidate this bullish outlook, possibly pushing the price below $20.
Outlook for Chainlink
As whale activity intensifies and technical indicators remain favorable, Chainlink is well-positioned for continued growth. The absence of retail FOMO adds a layer of stability to the rally, while institutional and whale accumulation underscores confidence in LINK’s long-term potential.
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