Chainlink, one of the leading oracle projects in the blockchain industry, has been under pressure for several weeks now. During this time, LINK has dropped nearly 7%. However, despite the price holding closer to the lower range, it seems that large investors are increasing their positions.
On long timeframes, LINK again looks the same as before previous strong movements. According to analyst Bitcoinsensus, the current chart structure allows for a price increase to around $46.
Whales are entering the market while supply on exchanges is decreasing
Fresh on-chain data shows that large holders of Chainlink are actively withdrawing tokens from exchanges. On December 22, 734,000 LINK worth over $9 million was withdrawn from Binance. This move looks more like accumulation than preparation for sales.
At the same time, the volume of LINK on exchanges has decreased to its lowest level since 2020.
As a rule, this means that large players are in no rush to lock in profits. Instead, they transfer coins to personal wallets, which more often indicates long-term confidence in the asset rather than short-term trading.
The inflow of funds into spot ETFs for Chainlink is increasing
Another important factor for Chainlink was the launch of the first spot ETF for this asset in the USA. Grayscale converted its existing Chainlink Trust into an exchange-traded fund. It is now traded on NYSE Arca under the ticker GLNK.
Currently, the total net inflow of funds into the fund has reached approximately $58.3 million, while the assets under management amount to about $74.25 million.
At the same time, SoSoValue data shows that only on December 22, 2025, about $2 million flowed into the ETF for Chainlink. This indicates stable interest from investors even during periods of low market activity.
The price of Chainlink is targeting the level of $46
Despite the increase in whale activity and growing interest in ETFs, the price of Chainlink continues to move sideways and remains in the range of $12 to $12.5.
At the same time, crypto analyst Bitcoinsensus draws attention to the weekly chart. According to his assessment, LINK is still trading within a long-term upward channel. The price is currently at the lower boundary of this range, which has repeatedly served as a strong support zone in past market cycles.
This time, the long-term technical picture also indicates a potential move towards $46.
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