Chainlink may be setting the stage for a significant shift, even if retail traders are currently sitting on the sidelines. New on-chain data reveals that large holders are steadily increasing their LINK positions, signaling quiet confidence in the project’s future.
A July 4 analysis by CryptoQuant contributor Axel Adler shows that Chainlink wallets holding between 100,000 and 1 million LINK often labeled as whale addresses now control more than 85 million tokens. This marks the highest whale-held supply since late 2022.
Meanwhile, retail investors have largely remained inactive, creating what Adler describes as a “standoff” between big-money players and smaller market participants. So far, this cautious accumulation hasn’t triggered any significant price action.
At the time of writing, LINK is trading at $13.48, down 2.4% over the past 24 hours and about 7% lower across the past month. Over the past week, prices have been confined to a narrow range between $12.76 and $13.96.
Partnerships Signal Long-Term Potential
Despite its muted price performance, Chainlink continues to build significant partnerships that could fuel long-term growth.
On June 24, Chainlink and Mastercard announced a groundbreaking partnership aimed at enabling over 3 billion Mastercard users to purchase cryptocurrencies directly on-chain. The deal positions Chainlink as a crucial infrastructure provider for secure and compliant crypto payments.
Just days later, on June 30, Chainlink was named the official oracle provider for the xStocks Alliance a project aiming to bring more than 50 tokenized stocks and ETFs into decentralized finance (DeFi). Through this collaboration, Chainlink’s technology will supply real-time pricing data, further solidifying its role in powering next-generation financial products.
Technical Indicators Remain Mixed
From a technical standpoint, LINK is still in consolidation mode, showing no clear signs of an imminent breakout. The Bollinger Bands are narrowing a classic signal that a significant price move could be on the horizon.
Currently, LINK is trading just below the midline of the Bollinger Bands, with short-term resistance at $14.11 and midline support around $13.08. The relative strength index (RSI) hovers near 50, signaling neutral momentum, while the MACD leans slightly bullish.
LINK is also displaying modest short-term strength, trading above both its 10-day and 20-day moving averages. However, it remains below longer-term averages such as the 100-day and 200-day moving averages, indicating that broader market sentiment is still cautious.
Looking ahead, analysts suggest that a move above $14.10 with strong volume could push LINK toward the $15 mark. Conversely, if LINK dips below $13.00, it could slide further toward the $12.50 level.
For now, all eyes are on whether retail traders will jump in or if the whales will continue steering the next major move for Chainlink.
