LINK Is at a Decisive Level: Large Investors Are Buying
Chainlink is testing a key technical zone while large investors continue accumulating, and declining exchange reserves suggest weakening selling pressure.
Summary:
- LINK is testing double resistance around $9.52.
- If rejected, it could fall back toward $9.21.
- Large wallets reached a new all-time high.
- Exchange reserves continue to decline.
Chainlink is trading around $9.55 at the time of writing and is attempting to hold above the 0.5 Fibonacci level at $9.528. The 100-day simple moving average (SMA) is also located in the same area at $9.522, turning $9.52 into one of the most important technical resistance zones for LINK in recent days.
The combination of two strong technical levels in the same area makes a breakout significantly more difficult, and the fact that LINK is now pressing against this zone is already attracting market attention.
Why the $9.52 Zone Is So Important
Over the past ten days, LINK has remained trapped in a relatively tight range between $9.21 and $9.84 – an area positioned between the 0.618 and 0.382 Fibonacci levels – with every breakout attempt in either direction quickly pushed back into the range.
This type of consolidation usually suggests that the market is preparing for a larger move but is still waiting for a catalyst to determine direction.
The current move is an attempt by LINK to reclaim the upper half of the range, but the market has not yet delivered a clean confirmation above $9.52.
If the breakout fails and LINK falls back below $9.52, the next major support remains around $9.21. This area includes both the 0.618 Fibonacci level and the 200 SMA – another double technical zone that has repeatedly held the price over the past month.
If LINK manages to close a daily candle above this level and hold there tomorrow as well, the zone could flip from resistance into support. That would be especially important because it would open the path toward the next major obstacle – the 0.382 Fibonacci level at $9.842. This exact area has stopped every stronger breakout attempt over the last ten days.
This is not passive resistance, but a level actively defended by sellers. Overcoming it would require significantly stronger momentum from buyers.
The RSI indicator also becomes important here. RSI currently sits at 47.60 – slightly below the neutral 50 level. The market is neither overbought nor oversold yet, but it is gradually trying to reclaim neutral territory.
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A move and sustained hold above RSI 50 is often viewed as the first stronger confirmation of a momentum shift, rather than just a short-term bounce.
For now, however, neither signal has provided full confirmation. The picture is becoming clearer, but the market still needs more decisive confirmation. The breakout is an important signal, but by itself it still does not guarantee continuation to the upside.
What the On-Chain Data Shows
CryptoQuant data shows a noticeable decline in LINK reserves on exchanges over the past month. From around 131.5 million LINK at the beginning of April, reserves have fallen to approximately 128.3 million today. That means nearly 3.2 million LINK have been withdrawn from exchanges since late April.
The continued withdrawal of LINK from exchanges gradually reduces the available supply for selling and weakens selling pressure. These types of movements often begin to appear during longer-term accumulation phases.
In the short term, however, there is one signal calling for caution. Net exchange flows have increased by +36.73% over the last 24 hours, meaning more LINK temporarily moved onto exchanges than were withdrawn.
A one-day spike in this metric is not enough to reverse the broader trend, but it remains an important signal to monitor. If flows remain elevated over the coming days while price holds above $9.52, it could suggest that some investors are beginning to take profits around the breakout zone instead of continuing accumulation.
If the indicator quickly returns to negative values, however, that would be a cleaner signal that the accumulation trend remains intact.
Large Investors Reached a New Record
One of the most important signals comes from Santiment data.
The number of wallets holding at least 100,000 LINK – equivalent to approximately $958,000 at current prices – has reached a new all-time high of 805 wallets. Over the past seven weeks alone, this number has increased by 8.2%.
These are not typical retail investors reacting emotionally to short-term price movements. Such wallets usually belong to funds, institutions, and large market participants operating with a long-term horizon.
The most interesting detail is that accumulation continued even during the decline from $10.86. This suggests that large participants still remain optimistic about LINK’s medium-term structure despite the weak price action in recent weeks.
It is precisely this combination of a technical breakout attempt and record accumulation by large wallets that is beginning to make the current move significantly more important than a standard short-term breakout without strong on-chain support.
The Market Remains at a Critical Stage
The combination of all these factors is starting to build a stronger case for a move toward $9.84.
Nevertheless, the range between $9.21 and $9.84 has remained intact for ten days. RSI is still below 50 and has not fully confirmed a momentum shift.
That is why the main focus remains on the daily close. A successful hold above $9.52, combined with RSI above 50 and weakening exchange inflows, would be the first stronger confirmation that the current breakout has real strength behind it.
Without these signals, LINK still remains trapped inside a tight range – although beyond its upper boundary, serious accumulation from large participants is already becoming visible.
The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.
Kosta Gushterov
Reporter at CoinsPress
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
