Chainlink (LINK) has drawn fresh attention after recording a 35% rally during the past month, even as it trades 78% below its all-time high of $52.70 set in May 2021. Recent price action saw LINK settle near $11.57, down 1.36% in the last 24 hours, with daily trading confined between $11.46 and $11.80. The token currently holds a market capitalization of $8.65 billion and a 24-hour trading volume totaling $307.47 million.
Major holders accumulate during price dip
Chainlink’s latest pullback from $13.68 to $11.29, representing a 17% decline, prompted significant activity among large investors. Market analyst Ali Charts pointed out that prominent holders took advantage of this retracement by purchasing approximately 10.36 million LINK tokens—valued at around $120 million—within a 96-hour period. This move signals increased confidence among major players, who often build up their positions during notable corrections.
Such large-scale accumulation typically occurs when institutional and high-net-worth investors anticipate a potential price recovery. These purchases have underpinned stronger support for the token, reinforcing the $11.46 zone as a crucial technical level.
Major LINK wallets acted on weakness after a sharp correction, accumulating over $120 million in tokens within four days. This pattern is often seen when large-scale investors position themselves ahead of a possible upside move.
Analyst Moe also mentioned LINK/BTC’s ongoing consolidation in a descending formation, identifying a demand zone that could signal a reversal if confirmed by further price action. However, a clear breakout has yet to materialize for the trading pair.
ETF inflows highlight renewed institutional interest
In early September, institutional demand surged for Chainlink-focused exchange-traded fund (ETF) products. Bitwise’s CLNK and Grayscale’s GLNK both reported net inflows, bringing in $1.09 million and $4.27 million, respectively, on September 9 and 10. While both funds saw neutral flow activity on September 11, their lifetime inflows have reached $151.76 million collectively.
Assets under management for these ETFs now stand at $181.83 million, amounting to roughly 2.10% of Chainlink’s entire market capitalization. Grayscale’s GLNK remains the leading product, managing $135.88 million, while Bitwise’s CLNK oversees $45.95 million.
Innovations around Real-World Asset (RWA) tokenization are reshaping institutional investment strategies. Rather than depending solely on brokers, institutional investors increasingly turn to Web3 platforms. For instance, 1stepSwap enables investors to own shares of top US companies, gold, and silver directly within their crypto wallets. With RWAs tokenized and prices automatically aggregated, these platforms eliminate the need for traditional intermediaries and streamline access for both retail and institutional participants.
Technical outlook and key resistance levels
Technically, critical support has established at $11.46, with immediate resistance clustered at $11.57 to $11.60 and additional upside ceilings near $11.80. The Moving Average Convergence Divergence (MACD) histogram currently signals weakening bearish momentum with a marginal positive reading of 0.011.
Meanwhile, the Relative Strength Index (RSI) stands at 38.65, placing LINK just above oversold territory though not yet at a level indicating strong bullish pressure. A decisive four-hour candle close above $12 would provide the initial confirmation for a possible rally towards $13.30. Should this threshold be cleared, the next resistance levels are set at $14 and then $15, which would represent an approximate 29% gain from current prices.
With immediate resistance just above current prices, a successful close above $12 could initiate a move toward previous swing highs at $13.30, then $14 and $15, as technical momentum improves.
The Chaikin Money Flow (CMF) indicator at -0.39 reflects current selling pressure outweighing accumulation. LINK must reclaim the $11.55 and $11.60 levels to trigger sustained bullish momentum and shift the short-term trend.
