Chainlink is drawing renewed attention from crypto traders after blockchain analyst Ali Charts reported continued accumulation by large LINK holders alongside steady growth in new network addresses.
In a September 26 market update, Ali Charts said whales had accumulated more than 2.50 million LINK over the previous 10 days. The analyst cited Santiment data for the accumulation figure and described the buying activity as sustained demand for the Chainlink token.
The update comes as LINK approaches a series of price levels that could become important if buying pressure continues. According to Ali Charts, the first major resistance zone is around $16, followed by a larger level near $17.70.
LINK Whales Add More Than 2.5 Million Tokens
The reported accumulation represents a significant increase in holdings among large LINK addresses over a relatively short period. Whale activity is frequently monitored by traders because large holders can have a meaningful impact on market liquidity and price movements.
Ali Charts said the accumulation has continued without slowing, with more than 2.50 million LINK added by large holders during the 10-day period. The data was attributed to Santiment, a blockchain analytics platform that tracks on-chain activity and wallet behavior.
Related: Chainlink Reserve Surpasses $70 Million After Another $1.1M LINK Purchase
The analyst also pointed to growth in the number of new LINK addresses as another indicator of increasing network activity. Nearly 1,500 new LINK addresses are reportedly being created each day, according to the update.
Address creation does not necessarily mean that all new wallets represent independent users or long-term adoption. Investors can create multiple addresses, and activity can also come from trading, automated systems and other on-chain uses. Nevertheless, changes in address activity can provide additional context when viewed alongside transaction and holder data.
Related: LINK Adds 1,344 Addresses as Chainlink-Infosys Partnership Draws Attention
The combination of whale accumulation and new address creation is being interpreted by Ali Charts as evidence of strengthening demand. Whether that demand translates into sustained price appreciation will depend on broader market conditions, liquidity and whether large holders continue accumulating LINK.
$16 and $17.70 Become Key LINK Levels
Ali Charts identified approximately $16 as the next resistance zone if LINK continues moving higher. The analyst said around 16.9 million LINK were previously acquired near that level, potentially creating a concentration of holders who may look to sell if the token returns to their purchase prices.
A move through the $16 area would put greater attention on the next level near $17.70. According to the same analysis, approximately 22.7 million LINK were accumulated around that price, making it a larger potential supply zone.
These levels are based on historical acquisition data rather than guaranteed future resistance. If market participants who purchased LINK around those prices hold their positions, the levels could become areas of increased selling activity. However, investor behavior can change as market conditions develop.
The reported address growth provides another metric for traders watching Chainlink. If new address creation remains elevated while whale accumulation continues, it could suggest that network activity is expanding at the same time as larger holders increase exposure.
Related: Chainlink Eyes Bigger Tokenized Equity Market After New SEC Trading Relief
Chainlink’s broader market narrative also remains tied to its role in blockchain infrastructure, particularly oracle services and cross-chain connectivity. Demand for LINK can therefore be influenced by both speculative trading and activity surrounding Chainlink’s underlying ecosystem.
For now, the data highlighted by Ali Charts places LINK at an important technical point. Continued whale accumulation could strengthen the demand side of the market, while the $16 and $17.70 zones represent significant areas that traders may watch for changes in supply and momentum.
The next phase will depend on whether the reported accumulation and address growth persist. A sustained increase in large-holder balances alongside expanding network activity could keep LINK in focus, while failure to overcome the identified resistance areas would leave the token facing the same supply concentrations highlighted by the on-chain data.
About The Author
