TL;DR

Whales accumulated 2 million LINK in 48 hours, showing rising confidence during market consolidation. Chainlink is forming a bullish pennant pattern, with the price consolidating between support around $23 and resistance near $26. Exchange reserves fall to June 2022 lows, tightening supply while large investors increase accumulation.

Whale Accumulation Signals Rising Interest

Large holders have been active in the Chainlink market in a 2-day manner at the end of the business week. Wallets holding between 100,000 and 1,000,000 LINK added nearly 2 million tokens in just 48 hours, according to data shared by Ali Martinez. LINK was trading near $24 at press time, with the price movement stable despite the inflow of buying.

Meanwhile, this kind of activity often shows growing confidence among large investors. He noted,

Whales bought nearly 2 million Chainlink $LINK in the last 48 hours! pic.twitter.com/ZHlX81KBBl

Pennant Structure Marks Key Levels for LINK

A closer look at the 12-hour chart shows a bullish pennant formation, marked by converging support and resistance lines. LINK is trading around $24, close to the pattern’s upper boundary.

Analyst Batman described the formation as “a very clean bullish pennant pattern.” The chart shows resistance forming near $25–$26.00 and support holding around $22–$23, an area that also aligns with a fair value gap. According to Batman, traders are watching these levels as key points within the pennant structure, with a breakout or retest likely to provide clearer direction.

Source: Batman/X On the weekly chart against Bitcoin, Michaël van de Poppe highlighted LINK as one of the stronger setups in the market. LINK is trading near 0.0002081 BTC, still below its major resistance.

Van de Poppe pointed to 0.0004389 BTC as the key level to clear. A breakout above that zone could open the way for a move of more than 160% relative to Bitcoin. He described LINK as having “one of the best setups in the space, right now,” with momentum slowly building after a long consolidation.

Source: Michaël van de Poppe/X

Exchange Reserves Continue to Fall

Data from CryptoQuant shows that LINK balances on exchanges have dropped to about 159 million, the lowest figure since June 2022. Reserves had previously been above 200 million, but the steady decline means fewer tokens are available for immediate sale.

Source: CryptoQuant With LINK trading near $24, this reduction in available supply may create tighter conditions if buying interest grows. Traders are watching whether the combination of whale accumulation, chart patterns, and shrinking reserves will translate into stronger price action in the weeks ahead.