Chainlink (LINK) Rebounds Above $18 as Whale Accumulation Signals Long-Term Confidence

Chainlink’s native token LINK recovered to $18.40 during Wednesday’s trading session after briefly plunging below the critical $18 support level. The sharp intraday selloff was triggered by a sudden volume spike of 4.59 million tokens, marking a 178% surge above the 24-hour average as sellers temporarily overpowered short-term support. LINK then consolidated between $17.80 and $18.30 before late buying pressure lifted prices, according to CoinDesk Research data.

The rebound came amid broader crypto market stabilization, following Federal Reserve Chair Jerome Powell’sslightly hawkish comments that caused Bitcoin (BTC) to dip below $110,000 before rebounding. LINK has since gained around 4% over the past 24 hours, showing signs of resilience amid volatile market conditions.

Despite recent fluctuations, whale accumulation remains strong, with about $188 million worth of LINK withdrawn from exchanges since early October — a bullish indicator of long-term investor confidence. However, near-term resistance between $18.50 and $18.80 continues to trigger profit-taking, creating uncertainty in the short-term outlook.

Trading volume rose 26% above the seven-day average as traders reacted to volatility. The steepest drop occurred within a 60-minute window when prices fell from $18.03 to $17.96, but fading volume in the final trading hour suggests institutional selling may be slowing.

For traders, maintaining a close watch on the $18 support zone is key. Sustaining this level could pave the way for a move toward $19, while a breakdown below $17.60 might expose further downside to $17.00.

In technical terms, LINK remains in a range-bound consolidation phase, with bulls and bears vying for short-term dominance. A decisive move above $18.50 could reignite bullish sentiment, reinforcing Chainlink’s potential for renewed momentum in the days ahead.