Ethereum News Today: Whales and Institutions Stake Bets Below $21 as Chainlink’s Bull Case Grows

Chainlink (LINK) has regained attention among traders and analysts as the token approaches key technical levels. Analysts, including Michael van de Poppe, highlight the $21 price point as a potential accumulation zone, particularly if the price retests its 20-week exponential moving average. This area is considered favorable for long-term entry, as it aligns with the current uptrend and has historically acted as a support level during corrections. Van de Poppe emphasized that while earlier entry points around $6 to $8 offered better value, the ongoing bullish momentum suggests that $21 could position investors well for a move toward new highs [1].

On-chain data reveals growing institutional and whale activity, with large holders recently accumulating approximately 3.7 million LINK tokens. This accumulation pattern is seen as a sign of long-term confidence in the token’s future utility and growth. Additionally, institutional adoption has expanded, with Nasdaq-listed real estate firm Caliber integrating LINK into its digital treasury strategy. The firm cited LINK’s potential for staking rewards and broader token utility as key drivers behind the move [1].

Chainlink’s role in blockchain infrastructure has also expanded, with recent partnerships with the U.S. Department of Commerce. These collaborations aim to bring critical economic data—such as GDP and PCE Price Index—onto multiple blockchain networks, including Ethereum , Avalanche , and Optimism . Analysts believe this could open new use cases for decentralized finance (DeFi), including automated trading and risk assessment models. These developments reinforce Chainlink’s position as a key infrastructure provider for decentralized applications [1].

Price action and technical indicators further support the bullish outlook. Chainlink has faced repeated rejections at the $26 resistance level, prompting expectations of a retest at the $21 support zone. Analysts view this area as crucial due to its alignment with Fibonacci retracement levels, volume-weighted average price (VWAP), and daily support metrics. The ability of LINK to hold above $21 will be pivotal in determining whether the bullish trend continues or a pullback occurs [2].

Trading strategies for Chainlink include dollar-cost averaging near the $21 level, as well as scalping opportunities based on intraday volatility. Given the token’s integration with Ethereum and its role in smart contract ecosystems, any upward movement in ETH could amplify gains for LINK. Additionally, whale accumulations tracked on-chain indicate sustained interest, potentially propelling the token toward all-time highs if the bullish trend holds [3].

Source:

[1] Analysts Predict Strong Upside for Chainlink With $21 Seen as Ideal Buy Zone

[2] Chainlink Confronts Key $21 Support Following Rejection at $26 Resistance

[3] Chainlink (LINK) Trading Setup: 20-Week EMA Near $21 Flagged as Buy Zone by @CryptoMichNL, Accumulate Before New ATH