Chainlink (LINK) is retesting the critical $20 support level following a 3.53% price surge in the last 24 hours.
This rebound signals renewed investor confidence as market data reveals substantial accumulation by major holders.
Whales have purchased over 1.6 million LINK tokens during the past two weeks, demonstrating strong conviction at current price levels.
The concentration of holdings among large investors is notable, with the top 10 wallets collectively controlling approximately 32% of LINK’s circulating supply.
This distribution indicates prevalent long-term holding sentiment among key stakeholders.
Simultaneously, derivatives markets show heightened activity with LINK futures volume exceeding 53 million tokens in 24 hours, reflecting intense speculation around the $20 threshold.
Market analysts project that sustained support above $20 could propel LINK toward the $22 resistance level.
Should bullish momentum persist amid ongoing accumulation, further upside potential toward $28 remains feasible according to technical assessments.
This price action underscores growing institutional interest in Chainlink’s oracle network amid broader cryptocurrency market movements.