54,470,000 LINK Purchased for $16: Major Support Zone Forms

Over 54.47M LINK bought at $16 forms a strong support zone; Analysts are eyeing a $25 breakout and whale accumulation for the next rally.

Recent data shows that Chainlink (LINK) has built strong buyer interest around the $16 level. More than 54.47 million LINKs were acquired as of October 19, according to a cost-based heatmap shared by Ali Martinez.

At the time of writing, LINK was trading at $18, down 5% over 24 hours and down 3% weekly. The daily trading volume is $1.05 billion.

$16 identified as heavy accumulation range

The cost-based heatmap highlights a dense concentration of wallet activity at $16. This level now marks a key reference zone on the map. The image shows a strong horizontal cluster, reflecting a large number of tokens changing hands in that range.

The accumulation suggests that market participants see value at this level. A large number of tokens held here can reduce selling pressure, especially if prices return to that zone. Ali Martinez described the area as astrong support zone”, based on the size of the companies.

A separate graph from Ali shows a long-term triangle pattern where price fluctuates between rising and falling trend lines. LINK is currently around the middle of the formation.

The analyst noted:

“The next time Chainlink breaks $25, it could trigger a bull rally to $100.”

Fibonacci projections on the chart show possible continuation levels at $32, $53, $74 and $99, if the price breaks through and remains above $25.

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Historical price action and market reaction

Past market behavior shows how LINK responded to major downturns. In March 2020, during the COVID-19 crash, LINK fell 80% in one day. Over the next fifteen months, the price rose by more than 3,700%, to above $50. This data was shared by Michaël van de Poppe, who noted how sharp declines can become recovery zones.

The COVID-19 crash was the lowest point in the previous cycle for many #Altcoins.$LINK fell by 80% overnight.

Since then, it has gained 3,700% in 15 months.

In retrospect, the biggest crashes are the best financial opportunities. pic.twitter.com/eMb9AExWy9

— Michaël van de Poppe (@CryptoMichNL) October 20, 2025

After peaking in 2021, LINK trended downward and found a base between $5 and $8 in late 2022. Since then, the price has remained largely stable, with recent moves pushing it back towards $18.

Activity in the chain supports local strength

Recent on-chain data from Santiment adds another display. When the 30-day average return for LINK holders falls below -5%, the price often recovers shortly afterwards. The company noted that this level was reached again on Friday, indicating renewed accumulation.

Earlier this month, wallets holding between 100,000 and 1,000,000 LINK added 1.38 million tokens during a brief downturn. Continued interest from larger holders adds weight to the current support zone.