Chainlink Whales Accumulate $120M as LINK Tests Support

• Whales accumulated 10.36M LINK worth about $120M after a 17% correction from $13.68 to $11.29.
• LINK holds near $11.50, with $11.40-$11.50 as immediate support and bearish RSI and MACD momentum.
• Michael van de Poppe sees $10 as a potential buying zone, while a move above $11.80 could target $15.

Chainlink whales accumulated roughly 10.36 million LINK worth about $120 million after the token fell 17% from $13.68 to $11.29. Analyst Ali Charts reported the buying over 96 hours, while Michael van de Poppe outlined possible entry levels near $10 and above $11.80. LINK remains in a narrow consolidation range.

Whales Add LINK After Sharp Correction

Ali Charts said large entities bought approximately 10.36 million LINK during the recent decline. The accumulation followed a 17% correction from $13.68 to $11.29. According to the analyst, the purchases could reflect positioning for a rebound. 

However, the reported activity came as LINK continued trading below its September peak. Van de Poppe separately said investors could consider accumulating LINK at current levels. He identified two possible scenarios depending on broader market direction.

LINK Holds Near $11.50 After Rejected Rebound

LINK reached approximately $13.50-$13.60 on September 7 before entering a bearish reversal. The token then recorded lower highs and lower lows through $13, $12.50, and $12. A rebound on September 11 briefly moved LINK above $12. 

Source: TradingView

However, sellers rejected the move, pushing price back toward the $11.50 region. The latest reading places LINK at $11.454. The candle opened at $11.453, reached $11.470, and fell to $11.445. 

Trading volume stood near 6.01K LINK, while smaller candles showed tighter consolidation. RSI was 41.81, below its 45.02 moving average and the neutral 50 level. MACD remained negative at -0.021, compared with a signal line at -0.019.

Analysts Identify Key LINK Price Levels

Van de Poppe said a wider market decline could create a buying area around $10. If markets avoid another breakdown, he would watch for a move above $11.80. He placed LINK’s next target zone at $15. 

https://twitter.com/CryptoMichNL/status/2098832261504504155?s=20

Meanwhile, the chart identifies $11.40-$11.50 as immediate support, followed by $11.00-$11.20. Resistance is around $11.80-$12.00, with $12.50 as the next level. A move above $12 could support a recovery attempt, while a break below $11.40 could expose lower prices.