Chainlink tried to push past the $9 threshold but faltered after hitting resistance near $8.9, sliding to a recent low of $8.18 before bouncing slightly. The price currently hovers around $8.28, down a bit over 1% today, creating what some see as an opportune moment for big investors to jump in.
A single whale just stepped up, purchasing roughly 800,000 LINK tokens for $6.8 million on Coinbase. That same whale moved the entire haul into a Coinbase custody wallet afterward, signaling plans to hold rather than flip quickly. This pattern isn’t new this holder’s custody wallet now contains over 5.3 million LINK, valued at more than $44 million, highlighting a steady accumulation.
Market indicators point to long-term holding
Chainlink’s exchange netflow has remained in the red for over five weeks, currently around -40,400 tokens. This sustained outflow matches a similar stretch seen back in October 2024, right after LINK surged from $10 to $29. Yet this time, the Exchange Supply Ratio (ESR) tells a different story: it has dropped to a record low of 0.12, suggesting many traders are opting not to sell. The market seems drained of sellers, while holders appear ready to ride out volatility in anticipation of more upside.
Still, the price action hasn’t kept up with these bullish signals. The Chaikin Money Flow recently dipped below zero, reporting -26.39, meaning selling pressure outweighs buying. With bears currently holding sway, LINK remains vulnerable to further dips unless buying momentum revives.
Whether the whale’s massive accumulation and subdued sell pressure will spark a breakout above $9 remains uncertain. But the echoes of 2024’s rebound raise the question if the market’s appetite for LINK will once again drive prices higher.
This article is for informational purposes and does not constitute financial advice.
