- Whale activity surged 125%, signaling large holder interest and possible accumulation.
- LINK eyes $20 as it approaches key resistance at $17.80 within a strong ascending channel.
- On-chain metrics and rising volume support continued bullish momentum for Chainlink.
Chainlink (LINK) is showing growing strength in the current market. On-chain data and recent price movements suggest LINK may soon break through key resistance. Traders are watching the $17.80 level closely, as momentum builds toward a possible move to $20.
Whale Activity and On-Chain Signals Support LINK’s Momentum
Chainlink has seen a surge in whale activity, indicating growing interest from large holders. According to data provided by Sentora via IntoTheBlock, LINK’s large transaction volume rose by 125% in the last 24 hours, reaching $133.94 million.
This volume translates to nearly eight million LINK moved across large transactions. Whale Alert reported that over 2.5 million LINK were transferred from Bybit exchange to unknown wallets in two separate transactions.
These moves suggest either accumulation or fund redistribution by large holders. Transfers of this scale often signal preparations for large market shifts, particularly if funds are moved off exchanges.
Technical Setup Points to Breakout if $17.80 is Cleared
LINK has been trading in a rising channel since early April, with higher highs and higher lows observed consistently. According to analysis prepared by Michaël van de Poppe on May 13, 2025, a successful breakout above $17.80 could trigger a rally toward $20.00. This level represents both psychological resistance and a technical ceiling.
The 50-day moving average near $13.95 and 200-day moving average at $12.80 offer strong support. Daily RSI stands at 62, suggesting LINK is gaining strength but has room to grow. As long as LINK remains inside the channel, pullbacks may present buying opportunities.
Growing activity on-chain and strong performance relative to Bitcoin further support the positive outlook. CoinGecko data shows LINK gained 15% in 24-hour volume, with active addresses also rising. These metrics, along with stronger tech market sentiment, may help drive LINK to $20 in the near term.
