Chainlink Tests $21 Support as Whales Accumulate — Buy on Weakness
I'm watching Chainlink as it tests the $21 support level after breaking a three-year pattern. Despite a 3.24% pullback to $21.48, on-chain data shows whale accumulation and a Chainlink Reserve that has grown to 109,000 LINK.
I view the technical breakout and reserve growth as proof that bullish momentum remains intact, but the current dip increases short-term risk and could present a better entry. I'll look for confirmation around the $21 area and sustained volume before adding materially.
Analysis
Recommendation
Buy on weakness: consider scaling in near $21 with defined risk (stop below support) and add on confirmation of sustained volume and support hold; avoid chasing a rapid bounce without confirmation.
Disclaimer
The Analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.