Chainlink (LINK) has surged nearly 30% in the past week, making it one of the top-performing altcoins amid a broader market recovery. New on-chain data reveals that major investors—commonly known as whales—are actively accumulating LINK, fueling speculation that the token could be headed for even greater gains.
On August 8, crypto analyst Ali Martinez reported a sharp increase in whale activity on the Chainlink network. According to Martinez, wallets holding between 100,000 and 1,000,000 LINK tokens have collectively purchased 8.10 million LINK in the last two weeks, an investment exceeding $150 million at current prices.
This level of accumulation is notable not only because of its size but also its timing. The buying began during the market pullback in late July when LINK hovered below $15 and continued through its rebound above $20. That kind of price-agnostic buying suggests deep conviction among institutional or high-net-worth investors, who may be positioning for further upside.
Historically, increased whale activity has often preceded major price movements, and the current trend is no exception. Analysts suggest that LINK may be gearing up for a breakout. According to popular crypto analytics page MoreCryptoOnline, LINK appears to have completed the third wave of a classic five-wave Elliott Wave pattern. If the technical setup plays out, the next price target lies between $21.07 and $22.65—key Fibonacci extension levels that could act as a springboard for further gains.
With Bitcoin (BTC) and Ethereum (ETH) also showing renewed strength, Chainlink’s momentum adds to growing optimism across the decentralized finance (DeFi) and broader crypto markets. As whale accumulation continues and technical indicators flash bullish signals, investors will be watching closely to see if LINK can surpass the critical $23 threshold in the coming days.
