Chainlink (LINK) has been consolidating within a narrow range of $8.5–$9.9 throughout the week, with the $9.9 level continuing to serve as a significant resistance. At the time of writing, the price is around $9.2, up slightly by 1.23% on the daily chart.
However, trading volume has dropped sharply by 32% to $649 million, indicating a clear weakening of market participation. Amid declining liquidity, whales are restructuring their positions, waiting for clearer signals before taking action.
Whales quietly restructuring, accumulation continues
Data from CryptoQuant shows that the average order size on the spot market has consistently seen large orders around $9.2 in 5 out of the last 7 days. This reflects large-scale accumulation or distribution activity at key price levels.
Source: CryptoQuant Notably, on-chain data from Lookonchain indicates that a whale created 10 new wallets and withdrew a total of 1.62 million LINK (equivalent to $14.8 million), then transferred funds to deposit addresses related to Flowdesk. However, this is not a new purchase, but most likely a wallet restructuring activity.
Typically, such restructuring does not provide clear directional signals, but it can still exert negative psychological pressure due to the lack of obvious buy signals.
Meanwhile, other large entities are still accumulating. The Exchange Supply Ratio (ESR) has decreased consecutively over two months, reaching 0.127 — the lowest since January. This signals a shrinking supply on exchanges, as outflows dominate inflows.
Source: CryptoQuant Structurally, this often sets the stage for a bullish phase driven by scarcity.
Upward momentum forming, but selling pressure remains
From a technical perspective, LINK shows moderate bullish momentum, maintaining around the $9 level. The Bulls vs Bears indicator favors the buyers, indicating demand is actively defending higher price zones.
Notably, the Stochastic RSI has surged from 26 to 44 in just two days, reflecting a clear improvement in buying momentum. In many cases, such movement is an early sign of a breakout if sustained.
Source: Tradingview If demand remains stable and no large whale sell-offs occur, LINK could break out of its consolidation zone, reclaim the $9.9 level, and approach the psychological $10 mark. The key condition is for the Stochastic RSI to surpass 50 to confirm a clearer bullish trend.
However, risks still exist. Selling activity, especially from retail investors, continues, which can dampen momentum. Additionally, exchange net flow has turned positive, reaching 101,000 LINK — a sign that selling pressure is returning to the market.
Source: Cryptoquant In this scenario, if selling continues to dominate, LINK is likely to remain sideways, with support at $8.5 and resistance near $9.9.
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