Chainlink (LINK) is currently trading around $11.57, down 1.36% in the past 24 hours, with a daily trading range between $11.46 and $11.80. With a market cap of $8.65 billion and reported volume of $307.47 million, the token has shown a remarkable 35% gain over the past month, capturing the interest of both retail and institutional investors.
Despite the recent uptick, LINK is still 78.05% below its all-time high of $52.70, which was achieved in May 2021. However, the recent price action indicates a potential bullish sentiment among market participants.
Following a 17% correction from $13.68 to $11.29, prominent crypto analyst Ali Charts has pointed out that whales have seized the opportunity to accumulate during the dip. In just 96 hours, these large entities acquired roughly 10.36 million LINK tokens, valued at approximately $120 million. This accumulation trend suggests that significant players are positioning themselves for a rebound.
As Chainlink’s ETFs enjoyed a positive reversal in early September, Bitwise’s CLNK and Grayscale’s GLNK attracted $1.09 million and $4.27 million in inflows on September 9 and 10, respectively. The combined lifetime inflows for these two funds now total $151.76 million, representing about 2.10% of Chainlink’s market cap, with Grayscale’s GLNK leading with $135.88 million in assets.
From a technical standpoint, $11.46 serves as a critical support level, while resistance is located between $11.57 and $11.60. The next key resistance level is pegged at $11.80. Currently, the MACD histogram shows a slight positive reading of 0.011, indicating that bearish momentum is diminishing. The RSI stands at 38.65, suggesting that while there is some upward pressure, it is not yet strong enough to trigger significant buying.
A four-hour close above $12 would signal a bullish confirmation, potentially paving the way towards the $13.30 swing high. Should it break above that, the focus could shift to $14 and subsequently the $15 target, marking a potential increase of approximately 29% from current levels.
In the LINK/BTC pair, analyst Moe has indicated that the pair is compressing within a long-term descending structure, approaching a demand zone that may act as a pivotal point. However, no breakout has yet been confirmed, with the Chaikin Money Flow reading at -0.39, indicating more selling volume than buying.
For LINK to regain short-term momentum, it must reclaim the $11.55 and $11.60 levels. As the accumulation by whales and ETF inflows suggest a growing interest in Chainlink, traders and investors alike are closely monitoring these developments for potential opportunities.
