TLDR
- Chainlink’s market cap has stayed near $6.25 billion over the past week, with daily trading volume around $215 million.
- One whale moved 266.4K LINK worth $2.15 million into a Gnosis Safe multisig wallet, a sign of long-term holding.
- A second whale added 163.5K LINK for $1.37 million, bringing their total to 2.4 million LINK worth $20.15 million.
- Spot Chainlink ETFs recorded zero weekly activity, and the same was true for Dogecoin and Avalanche ETFs.
- LINK is retesting a demand zone between $5.638 and $8.727 that has held for four years and sparked past rallies to $22, $29, and $27.
Chainlink’s price has barely moved over the past week. Its market cap sits near $6.25 billion.
Daily trading volume is close to $215 million. That puts the volume-to-market-cap ratio at 3.36%, which points to normal trading activity and fair liquidity.
Most of this activity appears to come from retail traders and whales. Institutional capital has stayed on the sidelines.
Whale Wallets Keep Growing
Onchain data shows one whale has been buying LINK from Binance for the past month. The most recent purchase happened three weeks ago.
That buy added 18,748 LINK, worth $151,486, to the wallet. The full stack now totals 266,414 LINK, worth $2.153 million.
The entire balance was then moved to a Gnosis Safe multisig wallet. Analysts see this as a sign of long-term accumulation rather than short-term trading.
A second whale has also been active. They bought 163,494 LINK for $1.37 million from Coinbase.
This wallet now holds 2.413 million LINK, worth $20.15 million. The buying adds to demand already created by Chainlink Reserve, which added 706,000 LINK in July.
Spot ETFs tied to Chainlink saw no activity during this stretch. The same was true for Dogecoin and Avalanche ETFs.
This happened even as interest in altcoins and memecoins picked up elsewhere in the market.
LINK Tests an Old Demand Zone
On the charts, LINK is trading inside a demand zone between $5.638 and $8.727. This zone first formed in May 2022 and held until mid-October 2023..
Three separate rallies have started from this zone in the past. Those moves reached $22, $29, and $27.
The Choppiness Index currently reads 51. That number supports the idea that price is moving sideways rather than trending.
LINK is also sitting between its 9-week and 21-week moving averages. This retest of the demand zone has gone deeper than the three previous ones.
A deeper retest could set up a stronger rally if buyers step back in. The number of addresses holding LINK has been rising since early 2023.
That figure now stands at 902,203. This suggests a wide base of holders across different wallet sizes, not just a few large accounts.
