Whale wallets amassed 512,595 LINK worth $3.78 million as Chainlink price neared $7.40

Chainlink (LINK) showed clear signs of recovery this week, with large-scale purchases by major wallets over the last four days fueling upward price momentum. This surge in buying appetite coincided with a period of improving technical indicators, pushing LINK closer to the upper boundary of its recent trading range.

Whale wallets accelerate accumulation

According to on-chain analytics platform Nazoku, four wallets classified as whales acquired a total of 512,595 LINK over the past four days. At current price levels, these purchases amount to approximately $3.78 million, marking a significant show of confidence from large holders.

Records show these specific wallets held 251,735, 120,675, 113,068, and 27,116 LINK tokens respectively. At least one of these wallets has demonstrated regular purchasing activity in the past, suggesting the latest accumulation may be part of a broader trend rather than a one-off event.

Chainlink operates as a decentralized oracle network, providing external data feeds to smart contracts across different blockchains. Its infrastructure is particularly critical for DeFi applications, facilitating price data and the flow of off-chain information to on-chain protocols.

Price nears $7.40 threshold

Data from BraveNewCoin indicated that LINK was trading near $7.39, up about 3.4% over the previous 24 hours. During the same session, the token dipped just above $7.13 before rebounding to nearly $7.43, touching the day’s intraday high.

This recovery helped LINK move away from its recent subdued levels, establishing the $7.20-$7.25 range as a short-term support zone. As long as the price remains above this band, resistance levels around $7.43 and subsequently $7.50 are in focus. Conversely, if LINK breaks lower, the $7.10 level could come back into play as a potential support.

Technical indicators show improving momentum

A review of the 30-minute chart shows buyers reclaiming the initiative following several days of sideways movement. The appearance of consecutive higher lows during recent pullbacks points to persistent buying pressure and a constructive recovery structure in the short term.

On the MACD indicator, a positive crossover occurred as the MACD line moved above the signal line, while a shift back into positive territory on the histogram reflected improved short-term momentum. Rather than a sharp spike, this movement suggests a steady and controlled recovery.

Meanwhile, the Relative Strength Index (RSI) has risen to 60.58. Although this reflects strengthening buying sentiment, it also indicates the market has not yet entered overbought territory. The stability in trading volume supports the view that this move is grounded in consistent demand rather than sudden speculative activity.

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