Chainlink (LINK) price hovers near a key level as bulls attempt to defend a rising channel support line that has contained recent downside moves.

While prices have remained within a broad range for several months, the oracle network’s on-chain fundamentals point to growing conviction among large holders.

Could bulls take control in this tug-of-war between accumulation and a cautious broader market?

LINK trades near $9.53, largely flat over the past month and down roughly 40% year-over-year. Intraday volatility has remained muted in recent sessions, with the token oscillating around the lower boundary of an ascending parallel channel that has defined price action since earlier in the quarter.

Data from CoinMarketCap shows daily trading volume has contracted, with about $296 million traded over the past 24 hours compared to more than $605 million recorded as bulls tested resistance above $10.50 last week.

This suggests LINK may require renewed participation from buyers or sellers to make a decisive move.

On-chain metrics reveal intensifying accumulation among large holders.

Data from Santiment shows the number of wallets holding at least 100,000 LINK has climbed to an all-time high of 805.

At current prices, each of these wallets holds approximately $958,000 worth of LINK.

The figure represents an 8.2% increase over the past seven weeks, signaling steady buying pressure from large stakeholders.

This rising concentration of LINK among whales reduces the liquid supply available on exchanges and increases the likelihood of supply squeezes should market sentiment turn bullish.

The accumulation backdrop also coincides with the continued expansion of Chainlink’s real-world utility.

Chainlink’s Total Value Secured exceeds $110 billion, with Cross-Chain Tokens secured via CCIP accounting for more than $60 billion and DeFi secured through Data Feeds contributing over $50 billion.

Meanwhile, the Chainlink Reserve continues to expand its holdings.

The latest update on May 21 reported total reserve holdings of more than 3.77 million LINK.

Together, these metrics point to a robust network that large holders appear to be increasingly pricing into their positions.

Technically, LINK remains below the $10 level and is currently hovering near the ascending channel’s support line.

This area remains critical, as a successful hold could allow bulls to push for a breakout toward near-term targets of $12 and potentially $14.

Such a move would mark a meaningful recovery from recent losses.

On the downside, key moving averages could provide important technical support levels.

The 50-day and 100-day simple moving averages (SMAs) may act as immediate support if bulls fail to defend the channel structure.

A break below those SMA levels could increase the probability of a deeper correction as selling pressure intensifies.

The post Chainlink price forecast: Can bulls hold channel support? appeared first on Invezz

Bitcoin price in Telegram @btc_price_every_hour

107 +