Chainlink’s price has recently stabilized around $14 as the broader cryptocurrency market rally loses traction. Several bullish chart patterns are emerging, indicating potential for a rebound. Notably, Chainlink has formed a double-bottom pattern at approximately $11.56, with a key resistance neckline at $13.50, signifying a bullish reversal as per technical analysis. The asset has also created a prominent falling wedge pattern characterized by two descending and converging trendlines, having already broken above this formation.
Further, Chainlink’s price is nearing the 50-day moving average and is on the verge of moving above the Supertrend indicator. These bullish indicators suggest that if momentum continues, bulls could aim for the next resistance level at $20, equating to a 45% increase from current levels. However, any drop below the critical support at $11.56 would negate the positive outlook.
Another significant development is the strong investor interest in the Grayscale LINK ETF, which has seen daily inflows since its launch. Current data shows that the ETF has accumulated nearly $50 million in assets. This figure, representing 0.75% of Chainlink’s market cap, implies significant potential for future growth, especially when compared to Bitcoin and Ethereum, whose ETFs account for around 5% of their respective market capitalizations.
The decrease in exchange supply of LINK tokens has also been notable. Recent statistics reveal that the supply on exchanges has dropped from a high of 264 million tokens in November to roughly 218 million now. This trend is further illustrated by a significant purchase from a whale who acquired 1.62 million LINK tokens for $22 million from Binance and Kraken, increasing their total holdings to 2.18 million tokens. Whales in general have significantly increased their share, with holdings rising from 1.73 million tokens to 3.56 million.
Moreover, negative netflow data indicates that more tokens are being withdrawn from exchanges than deposited, reinforcing the notion of accumulation. The Chainlink team’s Strategic LINK Reserves, initiated in August 2025, currently hold around 1 million tokens, valued at approximately $14.7 million. This reserve is maintained through fees generated from the Chainlink network, highlighting the team’s structured approach to accumulating assets.
As for recent pricing actions, Chainlink was trading at $13.63, reflecting a daily decline of 4.15%. It faced resistance at $14.90 earlier in the week, leading to profit-taking among retail investors. Reports indicate that retail sellers offloaded more than $8 million in tokens, while buy volume was only about $7.32 million, demonstrating a negative Buy Sell Delta.
The Stochastic RSI has also made a bearish crossover, dropping to 74, while the Directional Movement Index reveals that the positive index remains below its negative counterpart. Should retail selling persist, Chainlink could see support around $12.70. Conversely, if whale accumulation continues and outweighs selling pressures, the token may break through the $14 resistance, potentially pushing it towards $15 and subsequently $16.70.
