• Chainlink whales accumulated 13 million LINK this week, showing strong long-term confidence amid price weakness.
• LINK trades around $17.49, aligning closely with Bitcoin’s movement, while facing resistance near $20.
• Analysts highlight a possible retest of $16.90 support before a potential bullish reversal develops.

Chainlink (LINK) is experiencing mixed movement as whales continue to purchase additional coins despite the recent price dip. According to analysts, LINK’s price remains correlated to Bitcoin and may remain volatile in the short term. Investors are closely monitoring major support and resistance lines to determine the next course of action.

At the time of writing, LINK is trading at $17.46, with a 24-hour trading volume of $2.11 billion and a total market cap of $11.86 billion. Over the last 24 hours, the token has decreased by 2.89%, following the market weakness led by Bitcoin’s decline.

Chainlink Whales Accumulate 13 Million LINK

Prominent crypto analyst Ali Martinez highlighted that whales have bought close to 13 million LINK throughout the last seven days, providing increased interest by big holders even throughout the brief correction. It could be a sign of Chainlink’s long-term prospects, as short-term market conditions are unclear for the short term.

Chainlink Awaits Break Above Resistance

However, another analyst, CRYPTOWZRD, observed LINK ending the day down as the Bitcoin correction weakened the market. He indicated that Bitcoin dominance (BTC.D) failed the altcoins, further pointing out through lower time frames, the importance of observing rapid trading opportunities.

He further noted the likely retest of the intraday support level of $16.90. Both the LINK and the LINKBTC pairs declined on the daily chart following an impressive bullish display the previous day.

Moreover, the LINKBTC maintains the bullish shape, and the pair could break the higher-high trend line and current daily resistance on a bullish push tomorrow, the signal potentially rekindling the rally of the LINK upwards.

Presently, the price of LINK is trading alongside the sentiment of Bitcoin, where the major resistance area is indicated by $20.00, and the primary level of daily support remains $16.00. Investors believe that the future course of Bitcoin shall largely determine the future of LINK.

Also Read | Chainlink (LINK) Consolidates: 3 Indicators Shaping Its Next Move

Chainlink Intraday Action Turns Volatile

During the latest trading session, the intraday chart of LINK stayed turbulent, holding the mold despite exhibiting short bullish hints throughout the U.S. hours. If Bitcoin goes sideways, LINK could once again test the support area of $16.90. An allop by the level would present a possible long entry, while the break may bring opportunities towards the $15.00 support.

Briefly, Chainlink’s short-term trend remains to follow Bitcoin’s lead, while whale buying provides the faint glimmer of hope on the underside of the present price stress.

Also Read | Chainlink (LINK) Eyes $20 Breakout as Momentum Builds Across Markets