Whales Accumulate $20M in LINK: Is a Chainlink Breakout Looming?

Chainlink’s price climbed toward $20 on Tuesday, gaining 10% as the crypto market rallied ahead of Donald Trump’s inauguration on January 20. On-chain data indicates that large investors, often referred to as whales, accumulated LINK during last week’s dip, potentially setting the stage for a price breakout.
LINK Hits $20 Following Market Recovery
Chainlink joined the broader cryptocurrency rally driven by anticipation of pro-crypto policies from the incoming Trump administration. Proposals like zero-tax initiatives for U.S.-based crypto projects and potential approval of altcoin ETFs have lifted market sentiment after a rocky start to the week.
While assets like Dogecoin (up 7%) and Ripple (up 6%) posted notable gains, Chainlink stood out as one of the day’s top performers, jumping from $17.80 to cross the $20 mark.
This recovery highlights Chainlink’s vital role in connecting off-chain data to blockchain networks, a feature that could gain broader adoption under policies promoting blockchain technology in the U.S.

Whale Investors Accumulate LINK
On-chain data from Santiment shows significant whale activity during last week’s market dip. The top 1,000 Chainlink wallets increased their holdings from 679 million to 680.3 million LINK tokens, acquiring 1.3 million LINK worth approximately $26 million.
This accumulation, despite a 24% price decline, suggests confidence among large investors that the recent downturn was temporary. By absorbing excess supply, whale purchases often create favorable conditions for price rebounds.

Technical Levels to Watch
As of Tuesday, LINK trades at $20.28, recovering nearly 5% in the latest session. Key resistance lies at $21.50, and a close above this level could push the price toward $25.
- Support Levels: LINK must hold above $20.36 to sustain its upward momentum. A drop below this level could see the price retest $20.08 or $19.76.
- Resistance Levels: Breaking $21.50 would likely signal the start of a broader rally, with $25 as the next target.
Volume has increased to 8.15 million, reinforcing the recovery and indicating strong buyer interest.
Outlook
Chainlink’s recent surge and whale activity point to growing confidence among investors. While a close above $21.50 could trigger a bullish breakout, holding above $20.36 remains critical for maintaining upward momentum.
Investors should monitor these levels as market sentiment continues to evolve in the lead-up to Trump’s inauguration.