Chainlink whales accumulated over 4 million tokens during the two weeks ending November 7, sparking renewed optimism that the oracle network’s native token could rally toward $30.
Chainlink traded at $15.44 as of press time, up 4.7% over the past 24 hours.
The token had recovered from October lows near $10 but remained well below the $30 target level identified by multiple analysts.
The recent whale accumulation, combined with technical breakout setups, suggested institutional players positioned for a potential rally.
However, the token faces significant resistance levels and requires sustained buying pressure to reach projected targets.
Whales Buy the Dip
Trader Ali Martinez reported the accumulation activity on November 7, noting that significant whale buying pressure had been concentrated in recent weeks.
The chart showed LINK’s price holding relatively steady around $14 while the token count held by large addresses climbed sharply.
The accumulation pattern indicated whales built positions during a period of suppressed volatility, with buying activity intensifying as LINK consolidated near multi-month lows.
The shaded volume area on the chart reflected sustained purchasing from addresses holding between 100,000 and 1 million tokens.
Breakout Scenario Targets $30
Trader Lucky identified a potential breakout setup on November 7, projecting LINK could reach $30 if the token broke through descending channel resistance.
The analysis highlighted two previous breakout attempts from similar demand zones that preceded uptrends.
The chart showed LINK trading near $14.63 within a descending channel that had constrained price action since early 2024.
Lucky identified a demand zone between $12 and $15, where buying pressure has historically triggered rallies.
A breakout above the upper trendline projected a measured move toward $30.94, representing potential upside of more than 110% from current levels.
Consolidation Before Launch
Trader Solberg Invest offered a more measured outlook on November 6, suggesting LINK could first test support between $10 and $12 before beginning an upward trajectory toward $30.
The weekly chart displayed a descending resistance trendline that had capped rallies for over two years.
Solberg’s analysis marked a consolidation range where LINK might accumulate before attempting to break long-term resistance.
The chart projected two potential scenarios: an immediate breakout toward the green upside zone near $33, or a retest of the lower support band before launching higher.
The bearish case involved a breakdown below the red descending support line, which would invalidate the bullish setup and potentially send LINK toward lower support levels near $11.
Active Trade Setup
Trader DonaldsTrades confirmed an active LINK position on November 7, cautioning that the setup required patience as the token worked through resistance levels.
The eight-hour chart showed LINK breaking above a descending trendline that had pressured the token since August.
The analysis mapped a green zone between $15 and $34, representing upside potential, and contrasted it with a red zone between $11 and $14, marking downside risk.
DonaldsTrades projected a measured move toward $33 if LINK successfully held support near current levels and cleared resistance around $18.
The chart indicated LINK had already broken initial resistance, positioning the token for a potential continuation higher if buying pressure sustained.
Technical Confluence
The convergence of whale accumulation data and multiple bullish technical setups provided reinforcing signals for a potential LINK rally.
All four analysts identified similar resistance zones and measured move targets, suggesting broad agreement on technical levels despite varying timeframes for the anticipated move.
The key variable remained whether LINK would break directly higher or first retest lower support levels between $10 and $12 before launching toward $30.
Whale buying activity during the recent consolidation suggested large players anticipated upside, though patience appeared necessary as the setup developed.