Chainlink’s price is trading in a tight zone, keeping investors on edge. The token has been holding around the $23 range while traders debate whether the next move will be a deeper dip or a fresh breakout.
Some analysts are pointing to technical levels that could mark the turning point. Others are looking at whale activity, which has been steadily rising. Together, the signals have drawn attention back to Chainlink as it sits at a critical stage.
Veteran trader Matthew Dixon shared his analysis of Chainlink’s chart on social platform X. He noted that LINK has already tested the 0.786 Fibonacci retracement near $22.12, which has acted as a support zone in the past.
Dixon suggested that this level could serve as a good area for dollar-cost averaging, though he cautioned that a further dip to the 100% extension at $21.06 was possible.
At the time of writing, CoinGecko data showed LINK trading at $23.53, reflecting a 2.17% gain over the last 24 hours.
The price has still dropped by 3.32% across the past week, underlining the choppy action. Traders are now watching whether the token can hold above the $22 level and build momentum for a move higher.
The Relative Strength Index was hovering around 49.55, leaving the token in neutral territory.
Dixon observed that a move above 60 could indicate a bullish reversal, while a drop below 40 would lean bearish. The mixed signals have left traders split, though the technical setup suggests both sides are possible in the short term.
We already have a potential upside reversal in play for #LINK at the 0.786 extension of the first wave, although we MAY dip to the 100% extension shown by the second red arrow.
Either way it should be good DCA territory ahead of the likely move higher pic.twitter.com/Oaxv1Ot9aJ— Matthew Dixon – Veteran Financial Trader (@mdtrade) September 3, 2025
A dotted trend line on Dixon’s chart pointed to a potential breakout if LINK can gather enough buying momentum. If such a move plays out, traders expect targets around $24.5 and beyond.
While traders track the charts, whale activity has been showing another trend.
On-chain data shared by Alphractal highlighted that wallets holding between 100,000 and 1 million LINK, along with those holding more than 1 million, have been steadily increasing. This steady accumulation suggests strong interest from larger holders, even during periods of price weakness.
Chainlink’s realized price, or the average acquisition cost of coins in circulation, is currently around $15.1. This metric is viewed by analysts as an important support level, since it reflects the breakeven price for the wider market. If LINK were to correct deeper, this level could become a base where accumulation strengthens further.
Whales & Sharks Keep Accumulating Chainlink
Chainlink’s Realized Price — the average acquisition cost of all coins in circulation, weighted by their last movement — is currently around $15.1. This level could act as strong support in case of deeper corrections, making it a… pic.twitter.com/k52muYRfnh
— Alphractal (@Alphractal) September 3, 2025
Despite recent volatility, many wallets remain in profit, which may explain the continued accumulation by whales and sharks.
According to Alphractal, these investors appear confident that Chainlink will play an important role in the next market cycle. The accumulation trend has also given retail traders a reason to watch the asset closely.
The mix of technical signals and whale accumulation has created a complex setup for Chainlink. Traders are balancing the risk of short-term dips with the possibility of a stronger breakout ahead.
The post Chainlink Whales Keep Buying as LINK Price Holds $23: What’s Next? appeared first on Blockonomi.
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