Chainlink LINK Defends $12 Support as Whale Accumulation Signals Underlying Strength
Chainlink's LINK token is holding firm near the $12-$12.50 support level despite broader crypto market weakness. On-chain data reveals significant whale accumulation beneath the surface, suggesting institutional players are repositioning rather than exiting their positions.
The $12.50 level has become a critical technical battleground. Maintaining this support could prevent a deeper correction, with on-chain metrics indicating selling pressure is stabilizing and buyers are emerging. This divergence between price action and network activity points to underlying strength.
Technical indicators present a cautious outlook. The MACD has turned bearish while the RSI shows negative divergence—classic signs of waning momentum during risk-off market conditions. LINK's performance mirrors the wider digital asset space, where reduced volatility reflects a dampened risk appetite.
Market observers note the token's resilience in maintaining its range following a failed breakout attempt earlier this quarter. The current consolidation phase may represent a pause before the next directional move, with the $12 support acting as a key test for bullish conviction.
