Chainlink stock price consolidates, whales actively increase holdings
Recently, Chainlink (\u003ct-68/\u003e) stock price rebounded after falling to $11 a few days ago, currently fluctuating around $12.65, with a slight daily drop of 0.22%. The moving average shows a converging state. The decrease in volatility provides an excellent buying opportunity for investors, especially whale investors.
According to CryptoQuant data, large orders from whales have appeared for seven consecutive days. The average spot order size indicator shows that these large players frequently entered the market during the cooling period. This level of activity is particularly noteworthy during the consolidation phase, indicating the cautious confidence of whales in the market and expectations for future increases.
Whale accumulation details: multiple large holders have entered the market
According to Onchain Lens, on December 22, a whale purchased 360,551 LINK from Binance, worth about $4.53 million. After the acquisition, the whale's wallet held 806,327 LINK, worth approximately $10.17 million. Additionally, several whale wallets have also been accumulating over the past three days.
Interestingly, there are 11 newly created wallets that bought 1.567 million LINK from Binance, totaling nearly $19.8 million. This concentrated accumulation behavior usually indicates that buyers have gained enough strength to absorb selling pressure and may drive the price higher subsequently.
Increased outflow of funds from exchanges, downward pressure eases
In addition to on-chain data, the trading situation on exchanges also reflects a similar trend. Since the unlocking of 11 million LINK tokens, the net flow on exchanges has significantly decreased. According to CryptoQuant, the net flow on exchanges has been negative for three consecutive days, currently at -384.9k LINK, indicating an increase in capital outflow from exchanges.
Historical experience shows that when the outflow of funds from exchanges increases, downward pressure usually eases, creating conditions for a price rebound. Funds moving from exchanges to personal wallets also indicate an increased willingness to hold long-term, making the market structure more robust.
Technical aspect: Short-term upward momentum is appearing
From a technical analysis perspective, LINK has shown relatively strong performance over the past three days. Whales have been actively entering around $12, absorbing selling pressure, allowing the altcoin to break through the short-term 9-day moving average. This indicates that short-term upward momentum is forming, with buying power beginning to dominate the market.
However, some technical indicators also need attention. The Stochastic OTT indicator for Chainlink is below its K value, indicating that the overall market structure still shows some weakness. The OTT index stabilizes around 1043, while the signal line is above 1042, showing that the market is still in a range-bound and sluggish state.
Key support and resistance levels
If buying momentum can be maintained, LINK is expected to rebound from the current range, with a short-term target possibly pointing to a resistance level of $14.5. However, the prerequisite for this upward potential is that the price can hold above the 9-day moving average of $12.6. If this support is lost, LINK's price may retreat to around $11.8.
Currently, LINK is trapped in a narrow range, and the accumulation behavior of whales indicates that they are preparing for a potential breakout. Investors can closely monitor changes in key support and resistance levels to assess the short-term market trend.
Summary
In Chainlink's recent consolidation, whales have been continuously entering, accumulating a total of 1.567 million LINK, worth nearly $19.8 million. Increased outflow of funds from exchanges has eased selling pressure. In the short term, if the support level of $12.6 can be maintained, LINK is expected to challenge $14.5.
Although the market is still in a range-bound state, the accumulation behavior of on-chain large holders indicates their confidence in future price increases. Investors can pay attention to key price points, combining technical indicators and capital flows to assess LINK's potential trends and trading opportunities.#加密市场观察
