Chainlink Price Eyes Major Breakout as Whale Buying Continues

Chainlink (LINK) price is testing an important resistance level after months of holding strong support. According to market analyst CryptoTheBossX, LINK price has reached a key point where a long-term falling trendline meets a strong support area.

The chart shows that LINK stayed above this support even after several attempts to push it lower. Buyers have consistently stepped in and kept the price from falling further each time.

This steady support has led some traders to believe selling pressure is weakening, and the market is waiting for its next move. The trading range has become smaller, indicating a potential breakout.

A large investor, known as whale wallet 0xFeB, bought another 163,494 LINK from Coinbase, bringing its total holdings to 2.413 million LINK. Chainlink Reserve added over 706,000 LINK in July, raising total holdings above 5.21 million.