Chainlink (LINK) experienced a surge in demand from large holders following a recent price drop. Whale wallets added over one million tokens during the decline to around $15, indicating increased buying activity. This momentum comes amid continued market uncertainty as LINK trades near its 24-hour high of $19 after dropping over 13% last week. Analysts are attributing this buying behavior to larger investors strategically acquiring tokens at a discounted price. 1.38 million LINK were purchased by whales during the recent dip, according to analyst Ali Martinez. This coincides with on-chain data showing a visible increase in whale balances as prices fell in early October, suggesting a strategic move for long-term accumulation.
Furthermore, CryptoQuant reports a net outflow of 281,700 LINK from exchanges in the recent period. This implies that more tokens were moved to private wallets rather than exchanged on trading platforms, which often occurs during market dips and signifies potential buying activity. The absence of large inflows while prices fell aligns with this theory.
Beyond price fluctuations, Chainlink is expanding its network by partnering with S&P Global Ratings for real-time Stablecoin Stability Assessments (SSA) on-chain. This development aims to improve access to stablecoin data, bridging the gap between traditional finance and blockchain tools.
Market analysis indicates a key resistance level at $20 remains unchallenged as Chainlink’s price trend continues to fluctuate in line with broader market conditions. Short-term traders are keeping an eye on intraday levels to track future movements.