Whale Buying Spree Propels Chainlink Towards $9.05 Resistance

Chainlink's price has been steadily increasing due to the accumulation of over 14 million LINK tokens by whales over the last three weeks.

This buying activity suggests growing confidence among large holders, rather than aggressive profit-taking.

The steady increase in whale balances may indicate that institutional-sized participants prefer accumulating during periods of stable prices, rather than chasing rallies.

Large-scale accumulation can reduce available circulating supply over time, which could support higher prices if demand continues to increase.

However, traders would still need broader market participation because whale purchases alone rarely sustain prolonged rallies without additional spot demand.

The spot market has continued to record negative exchange netflows, reducing the immediate risk of heavy exchange-driven selling.

Binance's top traders have maintained a clear bullish bias despite LINK's recent consolidation below resistance, with long accounts representing 67.57% of positions and short accounts accounting for 32.43%, producing a 2.08 Long/Short Ratio.