- A coordinated $3.6M LINK purchase across multiple wallets points to growing conviction
- Chainlink is consolidating near $13 as traders watch for a breakout or continuation
- Improving momentum indicators suggest a potential shift, though confirmation is still needed
Chainlink has caught fresh attention after a tightly coordinated accumulation surfaced on-chain. Three Ethereum wallets, all believed to be controlled by the same entity, snapped up a combined 272,979 LINK in a very short window. The total purchase came in at roughly $3.67 million, with an average entry price near $13.45 per token, and all of it happened within a single hour. That kind of timing doesn’t usually happen by accident.
While the identity behind the wallets remains unknown, the size and precision of the buys suggest a deliberate strategy rather than casual accumulation. It also lines up with growing demand for Chainlink’s oracle services, especially as DeFi and tokenization continue to expand. For traders watching LINK, moves like this tend to raise eyebrows, not because they guarantee upside, but because they hint at rising conviction beneath the surface.
LINK Holds Steady as Traders Watch for Continuation
Despite the large purchase, Chainlink’s price action has stayed relatively calm. Crypto analyst CryptoWARD noted that LINK was trading around $13.31 following an indecisive market close. Rather than signaling weakness, this kind of pause often reflects balance, buyers and sellers both showing up, neither fully in control.
That equilibrium matters. If bullish momentum strengthens from here, sentiment across the market could shift quickly. LINK has a habit of moving decisively once it escapes these tight zones, which is why traders are keeping a close eye on how price behaves around nearby resistance.
From a broader perspective, the trend still leans constructive. A clean break higher could open the door to a short-term push toward $16, followed by a possible move toward $20 if momentum builds. Longer term, some projections stretch as far as $28, assuming the broader market cooperates and Chainlink’s fundamentals continue to attract attention.
Technical Structure Starts to Improve
On the technical side, Chainlink appears to be attempting a trend reversal after spending weeks stuck below its key moving averages. Price is now holding above the 20-day EMA, which sits near $12.79. That level has started acting as short-term support, a small but important step for bulls.
However, LINK still trades below its 50, 100, and 200 EMAs, so the recovery isn’t complete. This is more of a transition phase than a confirmed breakout. Momentum indicators, though, are leaning in favor of buyers. The RSI (14) has climbed to around 57 after pushing above the neutral 50 level, suggesting bullish pressure is slowly building.
For LINK to challenge higher resistance levels near $15.05 and $16.26, it needs to remain above the 20 EMA and avoid slipping back into the $12.80–$12.50 support zone. A failure there would likely reset the structure and test trader patience once again.
For now, Chainlink sits at an interesting crossroads. Strategic accumulation is happening, momentum is improving, but confirmation is still needed. As always in crypto, the next move tends to matter more than the last one.
