Chainlink (LINK) gained 1.89% over the past 24 hours, quickly recovering from a market-wide sell-off that saw the token drop nearly 12% to an intraday low of $20.30. According to analyst Ali Martinez, whales holding between 100,000 and 1,000,000 LINK accumulated over 800,000 tokens during the dip, while approximately 5.5 million LINK flowed out of exchanges in a single day, indicating reduced selling pressure and long-term holder conviction.
Technical analysis reveals that LINK is testing key support at $20, with resistance near $21-$22. A daily close above this zone could pave the way for a move toward $28. Crypto commentator CryptoLand projects a 735% rally to $180, citing a multi-year ascending trendline and a breakout from a symmetrical consolidation pattern since mid-2021. Active addresses rebounded from 4,000 to 5,800, suggesting renewed network participation despite price weakness.