- Whale wallets added 2M LINK in 48 hours, reflecting growing confidence .
- LINK’s exchange reserves drop to June 2022 lows, indicating slowing sell-side pressure.
- Symmetrical triangle and bullish pennant patterns point to a potential surge.
Chainlink (LINK) is trading at $23.16 with a hefty $457 million in 24-hour volume, showing slight cooling with a 0.28% dip today and a 6.2% pullback this week. Yet, whale activity and tightening supply hint that a powerful breakout above $25 could be just around the corner.
Symmetrical Triangle Signals Breakout
This consolidation has tightened notably in recent months, pushing LINK toward the upper boundary of the structure. For now LINK is below the critical $24.80–$25 resistance zone.
This resistance matches the 0.618 Fibonacci retracement level. If it breaks above successfully, the price could rise to $28–$32, or possibly $39. With strong momentum, the target could even reach $250, based on the triangle’s height from the breakout point.
Whale Accumulation and Shrinking Supply
wallets holding between 100K and 1M LINK added nearly 2 million tokens in just 48 hours. This shows growing investor confidence as the price steadied around $24. LINK balances on centralized exchanges also dropped to their lowest last seen in June 2022.
These on-chain trends often signal early signs of a potential breakout and rally ahead.This shows reduced selling pressure.
Pattern Offers Near-Term Targets
On the 12-hour timeframe, LINK is forming a bullish pennant, with price consolidating between support at $23 and resistance near $26. This structure has caught the attention of analysts, including Batman on X, who noted a “very clean” bullish formation.
The pennant complements the broader symmetrical triangle on the weekly chart, acting as a short-term continuation pattern. A breakout above the $25–$26 zone would open the path toward the 1.0 Fibonacci extension at $27.85 and further to $30.12 (1.272 extension). Beyond this, a push to $31.39 could follow if bulls maintain momentum.
Analyst Michaël van de Poppe emphasized that LINK’s setup against Bitcoin (currently 0.0002081 BTC) is one of the strongest in the market, with 0.0004389 BTC being the key resistance to watch for a potential 160% gain.
Chainlink stands at a technical crossroads, with on-chain metrics, whale activity, and chart patterns aligning in bullish harmony. As BTC climbs and DeFi demand grows, LINK’s role as a critical oracle provider could fuel a major leg up — if it can crack the $25 resistance zone.
