Whales bought 4.73 million LINK in 48 hours as the price recovered and ETF inflows grew. Analysts are looking at $16 in the short term, and $100+ in the long term.
Large holders accumulate as the price recovers
In the span of 48 hours, wallets holding between 100,000 and 1 million LINK collected approximately 4.73 million tokens, according to on-chain data shared by analyst Ali Martinez. The total balance of these wallets increased from approximately 155 million to 159.47 million LINK. This accumulation followed several weeks of flat or declining assets through most of November.
4.73 million Chainlink $LINK bought by whales within 48 hours! pic.twitter.com/5Q5IDivpxh
— Ali (@ali_charts) December 3, 2025
During the same period, the price of LINK fell from over $16.50 to just over $12. The new round of whale buying appeared to coincide with a price rebound to around $15 at the time of writing, showing a possible shift in short-term momentum.
Last month, major wallets removed more than 31 million LINKs CryptoPotato reported. The recent change in behavior indicates a renewed positioning of long-term investors.
Meanwhile, recent exchange data shows that LINK continues to move towards self-determination. CryptoQuant reports that there are fewer than 130 million tokens remaining on centralized platforms. This level is near the 44-month low seen in early December and signals lighter selling pressure in the near term.
Adding to the recent momentum, the newly launched Grayscale Chainlink Trust (GLNK) began trading on NYSE Arca last week. The ETF, which converted from a closed-end fund, recorded inflows of $37 million on launch day and another $3.84 million (on December 3). According to SoSoValue, current assets under management are approximately $67.55 million.
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Technical Outlook Eyes on higher levels
Analyst CryptoWZRD noted LINK’s daily chart closed strong, with LINKBTC approaching a trendline breakout. Key levels to watch include resistance at $16 and support at $12.
“A break of this trend line will create very rapid upward momentum,” he said.
On the intraday chart, LINK is trading around $15.20. A breakout could push the price towards $16.90, while rejection at that level could lead to sideways action. The next lower support is around $13.50.
In the broader trend, says analyst CW shared a long-range chart showing LINK within an ascending channel that has been driving price movement for several years. LINK is currently near the lower limit of this channel, which has historically acted as support during previous cycles.
According to CW,
“In this cycle, LINK reaches the center of the upper channel.”
That center line corresponds to the zone from $100 to $120, based on the long-term trend.
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