Chainlink Whales Continue Accumulation As Five-Year Downtrend Faces Crucial Confirmation

Chainlink whales accumulated 1.6 million LINK from July 8–22, pushing mid-tier holdings to 73.83 million tokens.

LINK surged above $20 before dropping to $17.65 with high intraday volatility and repeated rejections near $18.50.

LINK/BTC pair broke a 5-year falling wedge, now retesting former resistance as support near 0.00001521 to confirm trend continuation.

Chainlink has experienced a surge in whale accumulation as the digital assets trades traded above $20 This continued positive trend comes amid amid a breakout out of a 5-year falling wedge, now retesting former resistance as support.

Chainlink Whales Accumulate 1.6 Million LINK as Price Climbs Above $20

Through a post by Ali Charts, Santiment data reveals that Chainlink whales have increased their holdings significantly in July, according to on-chain activity tracked by Santiment. Wallets holding between 10,000 and 100,000 LINK added over 1.60 million tokens from July 8 to July 22

Source: X

The chart data shows a synchronized increase in both price and accumulation during the two-week period. By July 22, total holdings in these mid-tier wallets reached 73.83 million LINK. The upward trend followed a relatively flat period from June 22 to July 8, when LINK’s price remained below $15.00.

After July 8, accumulation picked up, and LINK’s price moved steadily higher. Both metrics recorded multiple step-like gains with no major reversals. The data reveals a sustained buying pattern among whale wallets during the rally.

Chainlink Current Market Trend Revealed

Tracking the ongoing market action at the time of press, CoinMarketCap data indicates that Chainlink (LINK) fell to $17.65 after dropping 6.51% in 24 hours. The price chart shows strong intraday volatility, with fluctuations between $17.00 and $18.80. LINK reached a high of $18.98 before reversing sharply. After several short-lived recoveries, the price maintained a steady downward path throughout the session

Source: CoinMarketCap

The downtrend remained intact despite occasional rebounds during the early morning hours. LINK briefly tested support near $17.25 before bouncing, but selling pressure persisted into midday. The 24-hour price action reflects consistent bearish momentum without a confirmed reversal. The broader trend shows repeated failures to reclaim the $18.50 level.

Is Chainlink Preparing for Continuation After Breaking Its 5-Year Downtrend?

Coupled with continued positive trend and whale accumulation, LINK next price trajectory has hinted more uptick. According to market analysts, Chainlink (LINK) is currently retesting the breakout point of a multi-year falling wedge pattern against Bitcoin (BTC). The chart shows that LINKBTC recently broke above the upper resistance of the wedge, which has held since mid-2020. The breakout occurred after a sharp rebound from the lower trendline in early July.

Source: X

Following the breakout, LINKBTC climbed from approximately 0.00001200 to a recent high near 0.00001780. The rally has since faced resistance, and the price is now pulling back toward 0.00001521. This level aligns with the wedge’s former resistance, which is now being retested as support.

The daily RSI peaked above 80 during the breakout and has now cooled to 68.44. The RSI remains in bullish territory, but the pullback reflects short-term profit-taking. Prior attempts to break the wedge failed near 0.00002000, making the current test significant. The pattern structure confirms tightening price action followed by a directional breakout. LINKBTC must hold above the wedge to maintain its upward trend continuation.