Whales accumulate 1.40 million LINK tokens as the price fluctuates between $19 and $25. Open Interest and volume have slightly dropped, raising the question of whether this will slow growth or if Open Interest will turn green as whales continue to accumulate. Can Chainlink price action intensify from here?
Chainlink (LINK) Whale Activity Signals Potential Price Surge
According to data from Ali charts, whales have bought over 1.40 million Chainlink (LINK) tokens over the last 96 hours.
There is a history of whale accumulation, and this often precedes price surges, which assumes a great deal of confidence in what LINK could do.
Whales bought $76.9 million worth of LINK when LINK took a dump in December 2024. The same whale behavior saw analysts forecast that LINK could hit $81.83 by May 2025.
LINK is currently changing hands at $23.5, a high of $23.77, and a low of $22.90 in the last 24 hours. That suggests the price is in a bull phase, with the whales probably getting positioned for a bigger rally.
Despite whales going on a little hiatus, combined with the positive price action, it does open up a small possibility that LINK could attempt to test higher price levels.
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Chainlink Price Technical Analysis: Consolidation Phase with Bullish Signals
The price of Chainlink oscillates between $19.94 and $25.38 as it consolidates in the 4-hour chart.
The price is in a tug-of-war between both bulls and bears looking to push the price above or below the significant support and resistance levels.
As this range-bound behavior carries on, however, it really shows that traders are awaiting a breakout above $25.38. If the LINK crosses this resistance level, it can spark a new price rally.
The indicators are optimistic. Given that the Accumulation/Distribution (A/D) indicator boasts a bullish 214.23M, it means that buyers are still very much in the picture and ready to assist the in buying.
There is a bullish crossover as the blue MACD line crosses over the orange signal line. The green histogram bars confirm this buildup of bullish momentum.
If established support remains maintained above price, LINK may rally past resistance, aiming at $28, $30 next.
Trailing Adaptive Volatility Controlled LSMA bands are passing out, showing an increase in volatility. If the price gets close to the upper band, then the traders should be ready for a breakout above $25.38.
Still, if the price does not break through this level, it could resume congregating in the current range. Either a confirmation of bullish momentum or a price correction that will bring LINK back to support levels the market is waiting for.
Chainlink’s Market Activity: Volume, Open Interest, and Sentiment Shift
The market interest appears to be increasing, with Chainlink’s derivatives market showing both higher Open Interest (OI) and volume in recent weeks.
As Chainlink price rocketed from below $15 to over $25 in early December, OI climbed above $600 million.
However, this uptick depicts the fact that more traders are coming into the market and betting that the bullish momentum regarding Chainlink price will continue.
Recently we’ve seen a slight decline in volume of 18.9%, from $715.39 million down to $579.87 million, while LINK’s price is relatively steady.
Now, while volume has dipped slightly, Open Interest has been on the rise, with a minor 0.30% drop but the total still stands at $679.79 million.
In other words, long positions are still the ones that are taking hold, as traders are still anticipating the price to climb higher.
This is borne out by the long-to-short ratio on Binance, which sits at 3.51 long positions for every short position. This shows bullish bias is clearly in the market, with most traders planning for further uptrends.
But yet, despite the persisting price stability, the recent drop in volume implies a holding pattern. The traders are probably waiting for a catalyst for Chainlink price.
