The Chainlink (LINK) market has registered strong bullish action in recent days amidst a general market rebound. Data from CoinMarketCap reports that LINK’s price has increased by 29.75% in the past week, allowing the altcoin to emerge as one of the top market gainers in this period. Interestingly, prominent market analyst Ali Martinez has identified another encouraging trend underneath this positive price action.
Chainlink Whale Activity Surges With 8.10 Million LINK Purchase
In an X post on August 8, Ali Martinez reports a major rise in whale accumulation on the Chainlink network. Notably, these investors holding between 100,000 and 1,000,000 LINK tokens have collectively added 8.10 million LINK, valued at more than $150 million, to their wallets over the last two weeks.
Generally, such a surge in accumulation, particularly among existing large holders, often signals strong confidence in the market. Historically, elevated whale activity has preceded major price movements, either fueling bullish momentum or marking key distribution zones.
In the case of Chainlink, this reported accumulation is highly peculiar as chart data indicates that accumulation accelerated during the late-July crypto market correction, when LINK traded below $15, and persisted even as prices rebounded above $20.
This pattern suggests that institutional or high-net-worth investors continue to anticipate further price appreciations on LINK despite recent gains.
LINK Heading To $23?
In other news, another popular X analytics page with the username MoreCryptoOnline shares an interesting insight on Chainlink’s potential price action, referencing key support and resistance levels.
In an X post on August 8, these analysts show that LINK is approaching a potential breakout zone. After completing what appears to be the third wave of a five-wave Elliott Wave sequence, the altcoin now targets the $21.07–$22.65 range, corresponding to the 50% and 61.8% Fibonacci extension levels.
However, MoreCryptoOnline emphasizes the importance of the $17.83–$18.87 support zone, derived from the Fibonacci retracement of the current impulse to the proposed bullish sequence. They explain that holding this support level would validate wave 4 as a corrective structure and pave the way for a final push toward $23, or even the 78.6% Fibonacci level near $25.12, as wave 5 completes.
At press time, LINK trades at $20.80 after gaining by 9.58% in the past 24 hours. However, the asset’s market daily trading volume is down by 2.73% reflecting a minor decline in market activity. Meanwhile, with a market cap of $13.89 billion, Chainlink ranks as the $13th largest cryptocurrency.
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