Chainlink (LINK), the native cryptocurrency of the decentralized Oracle network Chainlink, is showing strong resilience despite a 7.5% price drop amid a broader market correction. The latest on-chain data suggests record-high whale activity, signaling a potential breakout toward $30.
Chainlink (LINK) Sees Highest Whale Activity Since 2023
Despite the downturn, LINK has caught the attention of large investors and institutional traders. According to Santiment, Chainlink recorded 1,659 daily transactions exceeding $100,000, the highest whale activity since December 2023.
🔗🐳 With crypto taking a swing back down, Chainlink has stood out as a network with heavy key stakeholder dip buying. 1,659 daily $100K+ $LINK transactions is the most since 2023, and 9,531 active wallets is the most in 4 weeks. When altcoins rebound, keep an eye on this asset. pic.twitter.com/GUjHJALLV3
— Santiment (@santimentfeed) February 4, 2025
Additionally, the number of active wallets has surged to a 4-week high of 9,531, reflecting growing user engagement and network adoption. Historically, increased whale transactions and rising active wallets have aligned with strong price rebounds, making this a bullish indicator of LINK’s price trajectory.
LINK Forms Bull-Flag Pattern – A Breakout to $30 Incoming?
After dropping from $26.4 to $20, LINK has entered a bull-flag pattern, a classic technical formation that indicates a temporary pullback before a breakout.
If selling pressure continues, LINK could retest the lower trendline at $16.35, a key support level. However, if bulls regain momentum, LINK could break through the $22.5 resistance, triggering an upward rally toward $31 and potentially $40.
Chainlink Price Analysis – Key Levels to Watch
- Support: $16.35 (bull-flag lower trendline)
- Immediate Resistance: $22.5
- Breakout Target: $31, followed by $40
According to CoinGecko, Chainlink currently trades at $20, with a market cap of $12.8 billion and a 24-hour trading volume of $1.9 billion.
Can LINK Rebound to $30?
The recent spike in whale activity and user engagement suggests that big investors are accumulating LINK, reinforcing a bullish case for recovery. If LINK breaks past $22.5 resistance, a rally toward $30 and beyond could be on the horizon.
With the crypto market stabilizing, Chainlink’s fundamentals remain strong, making it a key asset to watch in the coming days.
