Chainlink (LINK) is witnessing a significant price rally, largely fueled by substantial accumulation from large investors (‘whales’) and strong conviction among long-term holders. Market data points to reduced selling pressure and sustained positive sentiment contributing to the token’s upward trajectory.
Recent activity reveals whales added nearly 9 million LINK tokens to their holdings. This accumulation increases the total supply held by large addresses to approximately 175.91 million tokens. This significant buying coincides with a notable LINK price increase.
Supporting the bullish sentiment, exchange outflows indicate reduced selling pressure. Specific data highlights spikes exceeding $5 million on July 18, reflecting investors’ preference to move tokens off exchanges amidst the rally.
Underlying market structure reinforces optimism: 77% of LINK holders have maintained their positions for over a month. Furthermore, 66% of the circulating supply is held in large wallets, demonstrating pronounced long-term conviction within significant segments of the holder base.
The 7-day transaction volume for large transfers reached $974.5 million, showcasing sustained high-value activity predominantly originating from Western markets. Despite a recorded outflow from the LINK Telegram group, overall netflows show a $21.81 million outflow, suggesting holders remain committed.