On-chain data reveals that the top 100 whales within the Chainlink network are once again accumulating the asset, reversing their earlier trend of distribution. This renewed interest began in early November, as highlighted by the on-chain analytics firm Santiment in a recent post.
Santiment defines the “top addresses” as the 100 largest wallets on the Chainlink network. These major holders, often referred to as whales, possess significant influence due to their substantial holdings in the cryptocurrency. As such, their activities warrant close monitoring.
A chart shared by Santiment illustrates the fluctuations in supply among these top Chainlink wallets over the past few months. Notably, in October, the combined holdings of the top 100 wallets decreased, indicating that these entities were distributing their assets. The selling began as Chainlink’s price experienced a sharp decline and persisted until November, when the metric finally reached a low point.
Subsequently, there was a notable reversal, with these major investors accumulating again. According to Santiment, these top addresses have collectively added approximately 20.46 million LINK tokens—valued at around $263 million—since the start of November. This recent surge not only retraced the reductions experienced in October but has also elevated their total holdings to a new high.
Despite this overall growth, the pace of accumulation has not been consistent. The data reveals that the bulk of this buying activity occurred in November, with little accumulation taking place in December thus far. It raises questions about the future behavior of these top 100 Chainlink investors and how it might impact the broader trajectory of the cryptocurrency.
In related news, Chainlink recently faced challenges, having lost a multi-year technical support line, as pointed out by analyst Ali Martinez. Historical data shows that Chainlink successfully retested this support line during the first half of 2025, but the recent price downtrend caused a breakdown beneath this critical marker for the first time since 2023. Following this decline, LINK attempted to reclaim the support, but that effort was met with resistance, indicating a potential shift where the support could now function as resistance.
Currently, Chainlink’s price hovers around $12.96, reflecting the recent volatility and the ongoing strategic maneuvers of its largest investors.
