• Whale accumulation and shrinking exchange supply signal growing bullish sentiment for Chainlink.
• Whale accumulation rises: Large holders increase positions, signaling growing confidence in LINK’s price outlook.
• $20 target in focus: Strengthening on-chain activity and bullish sentiment hint at a potential upside move.

Chainlink (LINK) is attracting fresh attention from investors as whale activity rises across leading cryptocurrency exchanges. With large holders accumulating and on-chain metrics turning positive, traders are speculating that LINK could be gearing up for a push back toward the $20 mark.

Whales Withdraw Over 63 Million LINK From Exchanges

Analyst Ali pointed to a key on-chain development for Chainlink (LINK), indicating that over 63 million LINK tokens have been taken out of centralized exchanges over the last month.

Large-scale events of this type are usually evidence of whale or long-term holder accumulation as investors move the token to cold wallets in anticipation of higher prices. An effect of declining exchange supply could put upward pressure on the price of LINK, particularly if buying momentum remains strong with decreasing liquidity to sell.

Also Read: Chainlink (LINK) ETF Nears Approval as LINK Price Holds Steady

Trend Insights and Crucial Support-Resistance Levels

Chainlink (LINK) currently has a market capitalization of approximately $10.24 billion, with a trading volume of about $815.9 million in the last 24 hours. At press time, the altcoin is trading at $14.83, having decreased by 3.65% over the past 24 hours.

The price is moving in a bearish trend and is currently testing a resistance level near $16.40. If it breaks above this, the next target could be $18.00. On the downside, the support level is around $14.64. If the altcoin falls below this level, we might see a drop towards $12.00.

The blue line indicates the resistance level at $16.40, while the yellow line represents the support level at $14.64.

Key Resistance Levels for LINK

Chainlink faces immediate resistance near $16.25, from where it got rejected recently, indicating short-term selling pressure. Another important barrier lies in the zone around $18.5-$18.7. This aligns with AliCharts’ breakout zone that could further open up the potential for a retest of $20, a key psychological level. Beyond this, sustained momentum could then target the $23-$25 range, where strong historical supply exists.

AliCharts’ analysis, combined with rising whale accumulation, supports a bullish outlook for LINK if it can finally clear the $18.7 barrier. A breakout above this level could propel prices toward $20, confirming the uptrend. But failure to hold above $16.25 may stall momentum and drag LINK back into consolidation.

Also Read: Chainlink Bulls Eye $20: Explosive Upside Could Hit by 2026