Foreign media reports that Chainlink has continued to perform strongly on-chain and in its ecosystem recently, with the number of whale wallets reaching a new high and development activity remaining among the top. However, the price of the token LINK is still hovering around $9, and has not yet reflected these fundamental changes.
The article points out that Chainlink has been continuously expanding its presence in cross-chain communication, institutional collaboration, and real-world asset tokenization in recent years, especially with the increasing adoption of CCIP. This has led to its growing presence in Web3 infrastructure and traditional financial connectivity scenarios.
Whale holdings continue to increase
According to the data cited in the article, the price of LINK is still about 70% lower than the peak of the previous cycle, but the number of large wallets has been increasing in recent months. This divergence between the trend and the price performance has become one of the most discussed phenomena in the current market regarding Chainlink.
The article argues that this means some large funds did not chase the price increase after it started, but instead positioned themselves in advance during a prolonged consolidation phase. Meanwhile, Chainlink's developer activity remains among the highest in the industry, second only to Hedera.
- The number of whale wallets has risen to an all-time high.
- LINK prices are still fluctuating around $9.
- It is still about 70% lower than the previous high.
The area above $10 remains a key resistance level.
From a daily chart perspective, LINK is still trading within an upward channel, but has repeatedly encountered resistance in the $10 to $10.20 range, failing to break through effectively. After a pullback, the price has moved back towards the middle support of the channel, and buying pressure is currently holding this trendline position.
The article states that as long as prices continue to stay above the lower edge of the upward channel, the overall bullish structure remains intact. The recent trend of higher lows is also seen as a significant signal of another attempt to break through resistance.
Indicators suggest that selling pressure has eased somewhat.
In terms of technical indicators, the RSI has fallen back to the neutral zone after approaching the overbought area, indicating that the previous correction has released some of the short-term overheating pressure. The MACD shows that the bearish momentum has weakened, meaning that the downward pressure may be easing.
The article argues that if the bulls continue to hold the upward support level, LINK still has a chance to retest the $10 mark. Only a break above the major resistance zone of $10 to $10.20 would allow the price to enter a stronger recovery phase and further challenge higher levels for the year.
