On Thursday, Chainlink (LINK) surged from Monday’s troughs to recapture the $23 threshold for the first instance in over a week. This rally invigorated investors’ optimistic outlook, with certain market observers predicting a breakout to unprecedented peaks.
Chainlink Whales Engage in Buying Frenzy
Chainlink rose 9% within the past day, reaching the $23 significant level for the first occasion in ten days. LINK soared along with the broader market amid the post-election surge, experiencing a 200% increase in just a month.
During this uptick, the cryptocurrency exceeded its March 2024 peak of $22 and achieved a new multi-year pinnacle of $30. Nevertheless, the pullbacks in December hampered LINK’s upward drive, with Chainlink oscillating between $20 and $25 for the remainder of the month.
LINK made an effort to revisit the $25 resistance area during the early-year rally but retraced due to recent market corrections, pushing the price down to $18, its lowest point in over a month.
In the midst of the ongoing market recovery, the cryptocurrency has risen by 27% from its Monday low, capturing the interest of analysts and large investors alike. Altcoin Sherpa indicated that LINK might witness a “V shape reversal up” following the recovery from the recent market “nuke.”
On Thursday, crypto analyst Ali Martinez pointed out that whales have “strongly accumulated” LINK in the past few days. According to his post, large investors have acquired 1.35 million LINK, approximately valued at $31 million, since January 14.
It is notable that whales have procured considerable quantities of LINK in recent weeks. In late December, Chainlink whales acquired roughly 3.58 million LINK tokens, worth about $77 million. Concurrently, on-chain data shared by the analyst indicates that these wallets acquired 1.4 million tokens in the initial four days of 2025.
LINK Maintains Significant Level
Martinez proposed that the purchasing momentum could further amplify LINK’s upward trajectory. Chainlink has been constructing a bullish pennant since reaching its December peak and has struggled to surpass the upper trendline earlier this month.
However, today’s surge propelled LINK’s price beyond the pattern’s upper trendline, and according to the analyst, targets are now set on the $50 mark. Crypto analyst Jelle remarked that Chainlink tested a vital resistance which turned into support.
The analyst previously mentioned that Chainlink’s weekly chart was “gradually transforming into a real piece of art” following the “difficult retest” and maintaining the crucial level “strongly.”
Jelle emphasized that LINK transformed the $18-20 resistance area into support after the recent pullback and rebound. This range has been a pivotal horizontal level for the token, as Chainlink has surged to its all-time high (ATH) and new local highs when it was converted into support.
In conclusion, Jelle established LINK’s initial target at $30 before striving for new ATHs. At the time of this writing, Chainlink is trading at $23.56, reflecting a 6% rise in the daily timeframe.
