Chainlink Heats Up: 53 Million LINK Picked Up in Major Accumulation Wave

Whales controlling 100,000 to 1 million LINK wallets are increasing their holdings.

Chainlink (LINK) maintained stability above $21 and occasionally tested the $22 level in early October. Midway through the month, LINK’s price fell sharply amid last week’s devastating market decline, breaking below $18 before briefly falling to around $16.

Although there were some recovery attempts, the asset could not regain its previous momentum. However, with the price currently hovering around $17.5, top investors continue to add the token to their stacks.

LINK Whale portfolios are swelling

Chainlink whales and sharks holding between 100,000 and 1 million LINK tokens have continued their accumulation trend, indicating stable confidence in ownership. Over the past twelve months, Santiment found that these wallets collectively added 40 million LINK, which is a 28% increase, and 103 new addresses.

Over the past six months, holdings have grown by 12.9 million LINKs, an increase of 7.6% with 30 additional addresses. The trend has continued over the past three months, with 8.7 million LINK collected by this cohort, and 2.8 million LINK added to whale and shark portfolios in the last month alone.

Crypto analyst Ali Martinez too observed that crypto assets are showing strength and could be preparing for a rally even as most altcoins continue to struggle. He said the $16 level is a crucial demand zone, where more than 54.5 million LINK tokens have accumulated, creating a strong base of support.

During the recent market sell-off over the past two weeks, whales bought another 13 million LINK. From a technical point of view, it appears to be forming a symmetrical triangle pattern, which could signal a possible breakout. As such, a break and close above $25 could signal the start of a major rally, pushing LINK towards $53 or even $100 in the longer term.

Developer activity rankings

In addition to its strong whaling activity and technical setup, Chainlink is also active secured the number two spot for development activities last month. The project maintained its position from the month before.

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The latest rankings put Chainlink just behind Metamask’s mUSD, which secured the top spot, and ahead of Dfinity’s Internet Computer (ICP), which came in third. Other projects in the top ten were Radworks (RAD), Hedera (HBAR), Sui Network (SUI), DeepBook on Sui (DEEP), Aptos (APT), Avalanche (AVAX) and Optimism (OP).