Large Chainlink token holders have amassed more tokens worth $76.9 million to take advantage of the recent price slump to $21.50 as analysts predict a possible surge to $80 by May 2025.
On-chain data shows that Chainlink whales purchased 3.58 LINK tokens worth $76.9 million as the broader markets fell due to the Fed-led rout.
Large cryptocurrency holders identified as whales fell as markets fell following hawkish comments from Federal Reserve Chairman Jerome Powell hinting at slower interest rate cuts in 2025. Santiment, a blockchain analytics platform, attributes the whale activity to a three-day price correction. LINK value plummeted to $21.50.
Buy whale December decline
A massive accumulation occurred in mid-December, when Chainlink’s price fell 27% after experiencing a rejection near the $30 level. Despite the price drop, wallets holding between 1 and 10 million LINK tokens performed strongly. Buy attention.
According to the chart, LINK has fallen 28.7% over the past 14 days to trade at $21.28, corresponding to a market capitalization of $13.413 billion. The decline forced Chainlink to give up post-election gains and saw the 15th-largest cryptocurrency asset grow 40% in the past year.
Technical analysis shows that LINK is changing hands below its 20-day moving average and below its 200-day moving average. Both metrics allow users to assess market momentum and indicators of obstacles that LINK must overcome to recover its upward price movement.
Your way to $47 and above
Market data shows that LINK has the potential to achieve a 40% profit opportunity if it breaks the moving average as it attempts to revisit higher points. Nonetheless, the immediate hurdle is maintaining support above $21.50.
Market analyst Javon Marks issued a bullish outlook, identifying a top target for LINK in 2025 of $47. Achieving this price would require an increase of over 115% from the current price. The analyst added that surpassing this level would pave the way for higher valuations.
Are you ready to begin a stubborn recovery?
Price analysis platform CoinCodex identified January as the start of LINK’s upward trend in 2025. According to our analysis, LINK could hit a monthly high of $43 in January, offering current buyers a 91% return on investment (ROI).
CoinCodex expects LINK to maintain an average price of $35 next month, but there are also more conservative predictions for the altcoin. Price levels remain cautiously optimistic, consistent with market-wide sentiment.
May next year is the timeline for the long-term outlook, and analysts expect LINK to rise within the $37 to $81 price range. The upper range represents a 268% surge from current price levels.
critical resistance level
According to our analysis, the $30 price is the key resistance level that LINK must overcome to maintain the above bullish forecast. However, with the recent rejection incident seen in mid-December, this level has become a strong barrier to LINK’s past trading.
Further examination of the trading volume shows a sustained upward trend along with the price movement, indicating increased market interest in LINK. Despite this, the token remains 59.6% below its all-time high (ATH). It won $52.70 on May 10, 2021, per CoinGecko data.
The recent accumulation of whales indicates strong confidence among large holders despite the price correction that has hit the overall market. With these large buyers taking long-term positions, acquiring LINK en masse means they expect the price to rise in the future.
While LINK’s price action reflects broader market dynamics, the token shows distinct trading patterns. Notably, the asset is still up 14.7% in 30 days, even though most of it has already been caught up in the carnage.
Tracking whale accumulation data through blockchain analytics provides transparent insight into large holder behavior and helps investors understand dynamics beyond price action.
General market conditions show an attempt by the bulls to defend $21.50 as an immediate support level and short-term trading is essential to influence near-term price action.
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