Whales Accumulate LINK as Exchange Reserves Hit ATL

Chainlink has bounced back after a sudden market drop, becoming one of the best crypto to buy among large investors. The popular oracle network token is trading around $21.83, up 2.2% in the past day.

Notably, on Sept. 22, LINK saw an 8% fall amid a broader crypto market decline that briefly pushed prices near the $21 mark. This resulted in a loss of around $1 billion in market cap, now hovering near $14.8 billion.

However, whales seized this opportunity to buy the dip, adding over 800,000 LINK to their holdings, according to on-chain data shared by analyst Ali Martinez.

Moreover, data from CryptoQuant confirms that LINK exchange dropped to an all-time low, suggesting investors are increasingly opting for self-custody.

Martinez noted that about 5.5 million LINK were withdrawn from trading platforms on Sept. 22.

What’s Next for LINK Price?

On the daily chart, LINK is trading near the lower Bollinger Band around $21.35, active as immediate support. A break below this point might invite further downside.

However, a price rebound above the mid band (20-day SMA) near $23.32 could result in a possible bullish breakout.

The RSI sits at a neutral reading that suggests the token is neither overbought nor oversold. An upward move in RSI could hint at growing bullish momentum. Key resistance lies around $23.5, a level above which a sharp rally to $30 is possible.

Meanwhile, the MACD line is well below the signal line with a negative histogram, reflecting continued bearish pressure. Traders looking for any buying opportunity should watch for support around $20.80.

Analysts Eye a Bigger Move Ahead

Despite the recent price volatility, analysts remain optimistic for LINK’s long-term price trajectory. Trader Crypto NL shared on X that LINK appears to be “gearing up for the next move toward $30.”

The analyst believes the token could “run very hard,” with the long-term LINK price outlook targeting as high as $100.

Read original story Whales Accumulate LINK as Exchange Reserves Hit ATL by Parth Dubey at Coinspeaker.com

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