Since breaching the $10 support in mid-March, Chainlink has struggled to reclaim it. The altcoin traded within a downtrend, touching a low of $8.2.
With the price holding below $10, whales stepped in to accumulate.
Chainlink whales make a strong comeback
Despite a weak market structure, Chainlink saw intense whale activity. According to Darkfost, Binance whales aggressively accumulated LINK.
Analysis of the top 10 outflow transactions showed a clear surge in whale withdrawals. Over 8,000 LINK were withdrawn daily across the largest outflows.
Source: CryptoQuantFurthermore, the monthly average outflows rose from 2k LINK to 2.6k LINK per day.
That move aligned with growing interest from large entities during market weakness. Historically, strong whale demand has supported price recovery.
In fact, continued withdrawals reduced supply on exchanges. Exchange Supply Ratio data from CryptoQuant showed a steady decline through February.
At press time, the Exchange Supply Ratio stood at 0.127, near monthly lows. This drop confirmed sustained accumulation since mid-February.
Traditionally, such conditions have positioned assets for a potential reversal. However, Darkfost noted that earlier accumulation failed to lift prices.
Source: CryptoQuantCan demand boost LINK
Since hitting $8.2, LINK has formed higher highs within a minor ascending channel. However, the broader trend remained bearish.
At press time, Chainlink [LINK] traded at $9.1, up 4.96% daily. Trading Volume jumped 74%, signaling stronger participation.
On top of that, momentum strengthened. The Momentum Indicator rose from negative territory to 0.41.
This shift suggested weakening selling pressure and rising buyer control.
Source: TradingViewThat strength aligned with the Relative Strength Index. RSI climbed from 46 to 51, confirming a bullish crossover.
Historically, such setups have supported short-term upside. If demand holds, LINK could reclaim $9.5 and retest $10 resistance.
Even so, the market remained fragile. Sellers continued to apply pressure.
In fact, Netflows turned positive, reaching 190k. This indicated selling activity during recent gains.
That shift left the market vulnerable. Continued selling could push LINK back toward $8.4.
Source: CryptoQuantFinal Summary
- Chainlink remained below $10 after breaking support in mid-March, with price dipping to $8.2.
- Whale accumulation intensified, with over 8,000 LINK withdrawn daily from top Binance outflows.
Source: https://ambcrypto.com/is-chainlinks-strong-whale-accumulation-enough-for-links-10-breakout/
