Key Takeaways
Whales accumulated 1.25 million LINK as exchange outflows reduce liquid supply. On the other hand, spot activity heats up while short liquidations mount, boosting upside risk.
Over the past 48 hours, whales have purchased 1.25 million Chainlink [LINK], giving an indication of aggressive accumulation during a period of heightened market activity.
Meanwhile, Exchange Netflows showed a recent $1.84 million outflow, reinforcing the signal that fewer tokens are available for trading. It seemed that there is a growing conviction among large holders who are opting to reduce the liquid supply.
At press time, LINK traded at $23.44, resting above a key Fib extension level. This whale-driven tightening could act as the foundation for a potential supply squeeze.
LINK shows a rounded bottom breakout
Chainlink’s weekly chart was inferred as a rounded bottom formation, suggesting a long accumulation phase followed by a bullish breakout attempt.
In fact, the altcoin cleared the $23.69 Fib extension, testing resistance inside the $28–$32 supply zone, at the time of writing. A successful breakout could open targets at $31.57, $39.45, and even $44.32 according to Fib levels.
Supporting this move, the MACD lines stayed in bullish alignment, with the blue line above the signal line and histogram printing positive momentum.
However, failure to hold above $23 could trigger a retest of the $18.82 support.
Spot market activity heats up for LINK
The Spot Volume Bubble Map confirmed expanding activity as trading volume accelerated, reinforcing the narrative of growing market engagement.
Rising spot activity often signals stronger conviction from retail and institutio
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Author: Erastus Chami
