Chainlink Price Eyes $10 as LINK Reserve Grows and Whale Buying Continues

Key Insights:

• Chainlink (LINK) price tests a key resistance level after holding strong support for months.
• Chainlink Reserve added over 706,000 LINK, raising total holdings above 5.21 million.
• A whale bought another 163,494 LINK, bringing its total holdings to 2.413 million LINK.

Chainlink price is back in focus after fresh whale buying, higher reserve holdings, and a chart that traders believe could lead to a bigger move. A large investor added more LINK, while Chainlink Reserve increased its holdings during July. These events have put LINK price back on the watchlist as traders wait to see if it can move toward the $10 level.

Meanwhile, the forecasts and target prices presented in this article are based on technical analysis and are subject to change with market conditions. They should not be viewed as guarantees of future performance.

This article does not offer financial advice, and readers should carry out their own research or seek professional advice before investing in cryptocurrencies.

Chainlink Price Tests A Major Resistance Level

Chainlink price is trading at an important point after spending several months under selling pressure. Market analyst CryptoTheBossX said that LINK price has now reached the point where a long-term falling trendline meets a strong support area. This is a level that many traders have been watching for some time.

The chart shows that LINK has stayed above this support even after several attempts to push it lower. Each time the price dropped into the area, buyers stepped in and kept it from falling further.

That steady support has led some traders to believe that selling pressure is becoming weaker. At the same time, the trading range has become smaller, showing that the market is waiting for its next move.

The falling trendline is now the main level to watch. A move above it would be the first clear sign that the market is changing after months of lower prices. Until that happens, the support zone remains the key area holding the current market structure together.

Many traders are now looking at the $10 mark. If buyers can break above the trendline and keep the price there, LINK price could have room to move higher. If that does not happen, the token may continue trading inside its current range. For now, traders are watching both the support level and the trendline for the next signal.

LINK Reserve Adds More Than 706,000 Tokens

Another development came from Chainlink Reserve. Chainlink metrics dashboard data showed that the reserve added more than 706,000 LINK during July. The latest purchases were valued at more than $5.7 million.

Following the new purchases, total reserve holdings reached 5,210,976 LINK. The update has drawn attention because it means more LINK has been added to the reserve. Some market watchers believe this could reduce the amount of LINK available in the market if the buying continues over time.

There was no announcement linking the reserve purchases to future price movement. Even so, reserve growth is one of the figures that many investors keep an eye on when following Chainlink price. The timing has also caught attention because the reserve update comes while LINK price is testing an important chart level.

Whale Buying Keeps Market Attention On Chainlink

Despite the Chainlink price dip, large investors have also continued to buy LINK. According to a market commentator on X, Nazoku, whale wallet 0xFeB bought another 163,494 LINK from Coinbase. The purchase was worth about $1.37 million.

After the latest transaction, the wallet now holds 2.413 million LINK. At current prices, those holdings are worth about $20.15 million. Data shared by Arkham showed the same wallet holding about that amount.

Nazoku said the whale is still buying more LINK. The account also noted that such a large holding gives the wallet more influence in the market than smaller investors.

Whale buying does not always lead to a price increase, but traders usually pay attention when large purchases happen near an important chart level.

With Chainlink price testing resistance, growing reserve holdings and fresh whale buying have become the main stories around the token. The next move will depend on whether buyers can push LINK price above the long-term trendline and keep it there.

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