Chainlink LINK Whales Scoop Up $263M Amid Market Slump, Signaling Bullish Contrarian Bet

Chainlink's price action is mirroring Bitcoin's volatility, having broken key support levels after a rejection from recent local highs. Despite the prevailing bearish trend, on-chain data reveals a strategic accumulation phase by large holders. Analytics firm Santiment reports that the top 100 LINK wallets have collectively added 20.46 million tokens (worth approximately $263 million) since November, indicating a clear contrarian and bullish positioning by major players.

Whale accumulation activity saw a brief dip in late October but has resumed aggressively throughout the current month. This sustained buying coincides with positive ETF inflow data, suggesting that institutional interest may be starting to outpace retail fear. LINK's current stability around the $12 price zone could be forming a crucial base for future upward momentum, contingent on a broader shift in market sentiment.

From a technical perspective, indicators suggest the token may be approaching the tail end of its bearish trajectory. A decisive and sustained break above the $15 resistance level by 2025 would serve as a strong confirmation of a trend reversal. However, these resistance zones remain formidable hurdles amidst the current weakness seen across the wider cryptocurrency market.