Chainlink (LINK), a decentralized oracle network, has shown a significant rebound of 13% following a sharp price decline, according to recent reports from market intelligence platform Santiment. The swift recovery, from a low of $13.18 to a resilient $15.25, clearly indicates strong market activity and robust investor confidence.
This market recovery is further bolstered by the continued accumulation of LINK by large holders. Presently, the top five LINK wallets control an impressive 18.15% of the total supply, valued at a staggering $2.93 billion. This trend of sustained accumulation underscores the confidence large holders have in the long-term stability of Chainlink.
The largest wallet, representing 5.06% of the total supply, contains 50.59 million LINK, or $817.07 million. The second-largest wallet holds 40.87 million LINK, valued at $660.14 million. Three additional wallets are each in possession of 30 million LINK, amounting to $484.50 million per wallet.
The significant concentration of LINK in these top wallets points to strategic positioning by key players in the market. Importantly, these large holders have consistently increased their positions during price dips, demonstrating their confidence and influencing the overall market structure. This trend could potentially signal future price expansion for Chainlink.
On the technical analysis front, data from Chainlink, extending from September 4, 2024, to March 4, 2025, reveals a pattern of expansion and correction. Notably, the Ichimoku Cloud indicator, a technical analysis tool used to gauge market momentum and future areas of support and resistance, signals a bullish sentiment overall. This suggests sustained accumulation trends.
During this six-month period, price action shows a steady ascension until late January 2025, followed by a sharp drop in February. Interestingly, within a mere eight hours of this decline, the market witnessed a 13% rebound. This rapid recovery, coupled with no signs of major sell-offs from top wallet holders, further reinforces the strong market confidence surrounding Chainlink.
Historical data suggests that periods of accumulation often precede upward price trends. If this pattern holds, Chainlink could potentially enter another phase of expansion. Moreover, the presence of centralized exchanges and liquidity pools among the top holders ensures a balanced distribution.
In conclusion, the recent market activity surrounding Chainlink paints a picture of resilience, confidence, and potential for future expansion. With large holders remaining steadfast in their accumulation strategy, Chainlink’s ecosystem appears to be in a healthy and stable state.
