Chainlink (LINK) has witnessed a notable surge in whale accumulation over the last 48 hours. This rise in buying activity, coinciding with an uptick in technical conditions and a new ETF listing, is stirring positive sentiment around the asset.

Increased Accumulation Amid Price Recovery

Over a two-day timeframe, holders of between 100,000 and 1 million LINK have amassed approximately 4.73 million tokens, as indicated by on-chain data from analyst Ali Martinez. The sum in these wallets increased from around 155 million to 159.47 million LINK, following several weeks of stagnant or declining holdings during most of November.

“4.73 million Chainlink $LINK bought by whales in 48 hours!”
— Ali (@ali_charts) December 3, 2025

During the same two days, LINK’s price dropped from over $16.50 to just above $12. The recent wave of whale purchasing appeared to coincide with LINK’s bounce back to approximately $15, suggesting a shift in short-term market dynamics.

Last month, larger wallets sold off more than 31 million LINK, as CryptoPotato reported. The latest accumulation trend indicates that long-term holders are repositioning in the market.

Meanwhile, exchange data reveals that LINK continues to flow into self-custody, with under 130 million tokens remaining on centralized exchanges—approaching a 44-month low from early December, suggesting diminished short-term selling pressure.

Supporting this momentum, the Grayscale Chainlink Trust (GLNK) debuted on NYSE Arca last week, converting from a closed-end fund and reporting $37 million in inflows on its launch day alongside an additional $3.84 million by December 3, leading to total assets of approximately $67.55 million, as per SoSoValue.

Looking Ahead: Price Targets

Analyst CryptoWZRD noted a strong close on LINK’s daily chart, with LINKBTC approaching a trendline breakout. Significant levels to observe are resistance at $16 and support at $12.

“A breakout of this trendline will trigger very quick upside momentum,” he stated.

In intraday trading, LINK is hovering around $15.20, where a breakout might target $16.90, while resistance at that point may result in sideways movement. The next substantial support level is about $13.50.

In the broader context, CW presented a long-term chart displaying LINK tracking within a rising channel that has influenced price actions over recent years. LINK is now near the lower edge of this channel, traditionally serving as support during previous cycles.

CW expressed:

“In this cycle, LINK will reach the middle of the upper channel.”

This midline aligns with the $100 to $120 range based on historical trends.