On Thursday, Chainlink (LINK) reclaimed the $23 mark for the first time in a week from Monday’s low. The rise fueled bullish investor sentiment, with some market watchers predicting a breakout to new highs.
Chainlink whales proceed to shop
Chainlink jumped 9% the previous day, touching the $23 mark for the first time in ten days. link held a rally Along with the rest of the market during the post-election pump, it rose 200% in one month.
During this rally, the cryptocurrency surpassed its MAC 2024 high of $22 and reached a new multi-year high of $30. However, December’s pullbacks halted LINK’s momentum, with ChannelLink hovering between $20 and $25 for the rest of the month.
LINK tried to retest the $25 resistance zone during the start of the year but pulled back during the recent market correction, with the price reaching $18, its lowest level in more than a month.
Amid the current market recovery, the cryptocurrency is up 27% from Monday’s lows and has caught the attention of analysts and large-scale investors. Altcoin Sherpa pointed out That LINK could possibly see a “V shaped inversion” after recovery from the recent market “nuke”.
On Thursday, crypto analyst Ali Martinez highlighted that the whales have “heavily accumulated” LINK in the past few days. According to the post, large-scale investors have bought 1.35 million LINKs, worth about $31 million, since January 14.
It’s worth noting that whales have bought a significant amount of LINK over the past weeks. In late December, channel whales bought About 3.58 million LINK tokens, worth $77 million. Meanwhile, on-chain data shared by the analyst shows that these wallets received 1.4 million tokens in the first four days of 2025.
LINK holds important levels
Martinez suggested that buying pressure could drive LINK’s momentum. Chainlink is forming a bull pennant after hitting December highs and failing to break above the uptrend earlier this month.
However, today’s jump has pushed LINK’s price above the pattern’s uptrend and, according to analysts, is eyeing a target of $50. Crypto analyst Jelle noted that ChannelLink tested a key resistance at support.
Analyst first was told that Channellink’s weekly chart was “slowly turning into a true thing of beauty” after a “painful retest” and held the key level “strongly”.
Jelle pointed out that LINK turned the $18-20 resistance zone into support after a recent retracement and rebound. This zone has been an important horizontal level for the token, as Channellink rallied to its all-time high (ATH) and new local highs when it switched to support.
Finally, Jelle set LINK’s initial target at $30 before driving new ATHs. As of this writing, ChannelLink is trading at $23.56, up 6% in the daily timeframe.
