Chainlink Whales Accumulate as Price Carves Bullish Pattern—Just in Time for the Next ’Institutional Adoption’ Narrative
Chainlink (LINK) is painting a slow-motion cup-and-handle formation—the kind that gets crypto Twitter buzzing with ’TA guys’ drawing lines on 3-minute charts. Meanwhile, on-chain data shows whale addresses quietly loading up.
Key details: LINK holdings in wallets holding 100k+ tokens hit a 6-month high this week. The token’s price action remains stubbornly rangebound, but the pattern suggests a breakout—if you squint hard enough.
Cynical take: Nothing moves altcoin prices like wealthy speculators frontrunning retail FOMO. At least this time they’re betting on an oracle network that actually gets used.
Chainlink whales | Source: Santiment
Additional data shows that the supply of LINK tokens on exchanges, as a percentage of total supply, has continued to decline. It has dropped from 21% in March to 19%, its lowest level since March 13.
A drop in exchange balances is typically a bullish signal, suggesting that holders are moving tokens off exchanges and are less likely to sell. In most cases, supply increases on exchanges when holders prepare to liquidate positions.
A likely catalyst for Chainlink is its partnership with major institutions like Swift and the Depository Trust & Clearing Corporation. DTCC is exploring the use of Chainlink’s Cross-Chain Interoperability Protocol to modernize mutual fund data dissemination. This is significant, as DTCC processes more than $3.7 quadrillion annually.
Swift also wants to use Chainlink’s solutions to move tokenized assets by large financial services companies globally. Like DTCC, Swift Network handles over $150 trillion annually.
Chainlink price technical analysis
The 12-hour chart shows that LINK has rebounded in recent weeks, rising from a low of $9.9720 in April to around $14. It is now trading above the 50-period moving average.
The coin formed a falling wedge pattern, a popular bullish reversal sign. It has also formed an inverse head and shoulders pattern. LINK will likely continue rising as bulls target the next point at $20, up by 30% above the current level.
