Chainlink (LINK) has recently exited a prolonged accumulation phase, capturing attention as on-chain data reveals that large holders, often referred to as “whales,” have amassed 32.93 million tokens within just 30 days. This acquisition could signal a possible surge in LINK’s value, potentially aiming for a price point of $15.
Currently, LINK is trading close to $10, showing a slight pullback of 1%. The daily chart indicates that the cryptocurrency has broken below its upward trendline established in August 2025. Despite this, the four-hour chart suggests a more cautious outlook due to a previous rejection at the midline earlier this week.
According to insights from Santiment, wallets that hold between 100,000 and 10 million LINK have seen a significant uptick, accumulating nearly 32.93 million coins, which marks an impressive 7.7% rise over the past month. Collectively, this group now holds an unprecedented total of over 461 million LINK across approximately 461,000 wallets. This cohort of holders operates independently from retail traders and custodial accounts, providing a clearer reflection of market conviction. Santiment commented, “Historically, when this specific tier accumulates aggressively, it tends to precede rather than react to price appreciation.”
The accumulation trend coincides with the broader price activity of LINK. For much of Q1 2026, the token traded sideways at multi-month lows. However, the decreasing supply on exchanges now indicates what Santiment refers to as an early-stage supply squeeze, a scenario that could prove advantageous, particularly if Bitcoin maintains its upward momentum.
The technical outlook for Chainlink suggests potential gains if the price stabilizes above $9.40. The daily chart shows that LINK has recently broken through a descending trendline that extended from its August 2025 peak of $28. After this breakout, it was retested on March 22, solidifying the bullish sentiment. The Visible Range Volume Profile indicates significant volume support near the $9.40 mark, which is crucial for maintaining this positive trajectory. Should it successfully breach the current level, the next notable resistance points are identified around $15 and $17.52.
Moreover, the first measured target aligns with the 0.382 Fibonacci retracement near approximately $15.08, suggesting a potential 50% increase from current trading levels. Further upward movement could see the price reach $17.52 at the 0.5 Fibonacci level, with an ambitious target of $19.96 sitting at the 0.618 Fibonacci retracement.
Further analysis via the daily Relative Strength Index (RSI) revealed a rebound off a descending trendline from July 2025. Historically, this trendline has served as resistance but has transformed into support since early May, pushing the RSI into bullish territory and registering a higher high.
However, a daily close beneath the crucial $9.40 support would invalidate this bullish scenario and could reintroduce previous consolidation ranges. The ongoing positive sentiment within the broader BTC market enhances the likelihood that whale accumulation, coupled with broken downtrends, will keep LINK’s outlook bullish as it aims for higher volume zones.
Conversely, the four-hour chart indicates some short-term caution. LINK has been trading within an ascending parallel channel since February 6, but recent behavior suggests a shift. Initially, the price thrived in the upper section of the channel, utilizing the top as a resistance level and the midline as support. Following March 26, this dynamic adjusted, with the price now operating in the lower half of the channel where the midline functions as resistance.
On May 6, LINK’s price faced rejection at the channel’s midline near $10.40, struggling to validate previous resistance at the $10 level as new support. The MACD indicator on the four-hour chart suggests ongoing downward pressure. If this selling momentum persists, the lower channel band near $9.30 could be tested. Conversely, reclaiming the midline could pave the way for a move towards the upper boundary at $11.46. A sustained trading level above $10 would rejuvenate the near-term structure, aligning it with the bullish breakout seen on the daily chart.
