Chainlink's Sideways Market Sees Whales 'Full Buying'...32.93 Million LINK Accumulated, Hidden Signal for Surge

▲ Ethereum (ETH), Chainlink (LINK), Cryptocurrency Whales/AI Generated Image

Large holders of Chainlink (LINK) have accumulated an additional 32.93 million LINK over the past month, pushing their holdings to an all-time high. The large-scale accumulation took place in a period where the price did not show a clear breakout trend, drawing attention to changes in supply and demand in the on-chain market.

According to NewsBTC on May 8, on-chain analytics firm Santiment stated on May 7 that “Chainlink's key stakeholders holding 100,000 LINK to 10 million LINK have been aggressively accumulating over the past month.” Santiment explained, “Whale and shark wallets have collectively gathered an additional 32.93 million coins in just one month, with the increase rate reaching 7.7%.”

The key point Santiment focused on was not just the increase in large wallets, but the nature of the buyers. Santiment stated, “The reason this accumulation is particularly important is who bought it,” adding, “Wallets in the 100,000 LINK to 10 million LINK range represent the most active and dedicated group in Chainlink.” It further added, “They are large enough to move significant capital, but not excessively large to be considered custodial accounts controlled by exchanges.”

If purchases were concentrated in addresses directly linked to exchanges, it would have been difficult to interpret it as a market direction signal. However, Santiment viewed these wallet groups as large holders acting discretionarily. It explained that in periods where it is difficult to judge based solely on price movements, the actions of these wallet groups can be an indicator of conviction in holding.

In the chart shared by Santiment, the balances of wallets holding 100,000 LINK to 10 million LINK steadily increased until early May. Santiment stated, “Historically, when wallets in this specific range aggressively accumulate, they tend to precede price increases rather than react to them,” adding, “Unlike retail investors who typically chase momentum, these stakeholders absorb supply during periods of suppressed prices.” Santiment further analyzed, “During Q1 2026, Chainlink's chart showed exactly this trend while it traded sideways near multi-month lows.”

Santiment presented this accumulation as an early signal of supply squeeze. Santiment stated, “The on-chain picture shows the early formation of a typical supply squeeze,” adding, “32.93 million LINK have been further tied up in strong hands, and with the total holdings of these wallet groups reaching an all-time high, the liquid supply on exchanges is facing increasing pressure.” It further explained, “If Bitcoin (BTC) and market conditions maintain bullish momentum, the combination of reduced sell-side supply and already high whale conviction could lead to rapid upward price discovery.”

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