Chainlink LINK: Whales Scoop Up 2 Million Tokens in 48 Hours as Bullish Pennant Forms

Major investors, commonly known as whales, have aggressively accumulated 2 million LINK tokens within just two days, demonstrating strong confidence during ongoing market consolidation. Chainlink's price is currently forming a bullish pennant pattern, trading between key support at $23 and resistance NEAR $26. Exchange reserves have dropped to their lowest levels since June 2022, indicating tightening supply as whales continue their buying spree.

According to analyst Ali Martinez, wallets holding between 100,000 and 1,000,000 LINK added approximately 2 million tokens over this short period. Despite this substantial accumulation, LINK's price has maintained stability around the $24 level. This activity highlights growing institutional interest and suggests potential FSA (Favorable Supply Absorption) in the market.

Technical analysis identifies critical price levels for LINK, with the bullish pennant formation pointing toward potential upward momentum. The convergence of whale accumulation and declining exchange reserves creates a compelling narrative for Chainlink's near-term price trajectory.