- Large investors, known as whales, have recently acquired about 800,000 ChainLink (LINK) coins as the price declined toward $21.
- LINK is currently trading at $21.58, marking an 8% drop over the past week.
- The number of active LINK addresses and the token’s trading volume have both declined since late August.
- A potential exchange-traded fund (ETF) approval could drive significant price growth, though no LINK ETF has been approved yet.
- Analysts identify $25 as a key resistance level, and a move above $22 could lead to gains toward $24, while rejection may see prices falling to $19.80.
Large investors have bought approximately 800,000 units of the cryptocurrency Chainlink (LINK) after its price fell near the $21 level. The increased buying activity comes as the digital asset’s price shows signs of weakening, drawing interest from those seeking a favorable entry.
Data shows that LINK trades at $21.58, representing a decrease of more than 8% over the last seven days. On-chain analytics from CryptoQuant indicate that there are around 5,800 active addresses, down from nearly 8,000 at the end of August, when LINK was valued above $26.
This recent accumulation by whales follows a September 18 rule change by the U.S. Securities and Exchange Commission (SEC), which streamlined the approval process for crypto exchange-traded products (ETPs). Filings have accelerated for products tied to Solana, Cardano, and Chainlink, but no LINK ETF has been approved at this time. Experts suggest that if the SEC approves a LINK ETF, the asset could see a rapid surge in value.
Currently, the $25 price mark acts as resistance for LINK. Analysts note that surpassing this level could push the price toward $30 or even $40. Meanwhile, the token’s trading volume remains compressed. Analysts suggest that a shift in market sentiment, fueled by large investor purchases, may trigger a strong upswing.
On social media, analyst CryptoWzrd stated that daily price charts for both LINK and its BTC trading pair have recently closed with bearish signals. The analyst identifies $30 as resistance and $20 as a key support level. Maintaining prices above $22 could enable gains toward $24, while a rejection at this level may result in a drop to $19.80.
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