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Chainlink ($LINK) is showing resilience amid a broadly stagnant crypto market.
The token has posted a modest gain of 1% in the past 24 hours, outperforming the broader market movements and signalling underlying strength.
Whale accumulation
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Whales and strategic reserve accumulation are playing a key role in $LINK’s price dynamics.
Since December 25, top wallets have withdrawn more than $8.5 million worth of $LINK from exchanges, according to CryptoQuant data.
This pattern of accumulation points to confidence among large holders, suggesting a belief that the token may be undervalued.
Chainlink’s $LINK reserve boost
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At the same time, Chainlink’s official reserve continues to grow.
On January 29, Chainlink announced that the reserve had added 99,103 $LINK, marking the largest single purchase since Q4 2025.
This brings the total reserve holdings to approximately 1.77 million $LINK, representing a 377% increase year-over-year.
The accumulation is funded by revenue from on-chain service usage and institutional off-chain payments, underlining real network adoption rather than speculative activity.
Generally, the reserve growth has a dual effect on $LINK’s outlook.
It reduces circulating supply, creating a potential scarcity effect.
It also signals a long-term commitment to the network, which could amplify price moves if demand picks up.
Ethereum network fees hit an all-time high of $6.8 million, showing robust usage despite a -36% year-to-date price decline.
$LINK price analysis
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From a technical perspective, $LINK is attempting a short-term rebound.
The token has bounced from a low of $10.51 on January 30, with the Relative Strength Index (RSI) currently below 30, signalling oversold conditions.
While the MACD histogram is currently bearish, the main and signal lines suggest a possible bullish crossover, though the token remains below key resistance at $12.06, which corresponds to the 38.2% Fibonacci retracement level.
Liquidity remains moderate, with a turnover rate of 7.6%, sufficient to support short-term moves but highlighting caution for larger spikes.
Chainlink price forecast
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Traders should closely monitor the $10.80 support level.
Holding above this level may allow $LINK to target the first resistance at $12.25.
Breaking through $12.25 could open the way to $13.22, followed by a third resistance at $14.28.
If the $10.80 support fails, analysts warn that the next level to watch is $9.51, which could act as a strong floor for potential downside.
Short-term recovery hinges on a close above $12.60, corresponding to the 50% Fibonacci retracement, while holding $11.59 will be crucial to avoid further losses.
Sustained reserve growth, whale accumulation, and fee revenue trends will continue to be the key fundamentals shaping $LINK’s price trajectory even as institutional adoption remains a mixed factor.
$LINK’s inclusion in CME futures and Grayscale/Bitwise ETPs has expanded access for investors.
However, ETF inflows remain modest, totalling only $1.4 million on January 29, indicating continued caution among traditional financial players.
Traders should watch for the launch of CME ADA futures on February 9 for potential spillover effects that could influence $LINK’s momentum.
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