While Chainlink has been showing signs of recovery since the beginning of the week, purchases from large wallets in the last four days have supported the price movement. This revival in buying appetite coincided with the improvement in technical indicators and brought LINK closer to the upper end of its recent trading range.
Large wallets accelerated purchases
According to on-chain data tracker Nazoku, four whale-class addresses collected a total of 512,595 LINK in the last four days. At current prices, the total size of these purchases is approximately 3.78 million dollars.
The private wallets in question contained 251,735, 120,675, 113,068 and 27,116 LINK. While it was seen that at least one of the same addresses had made regular purchases before, this table indicated that the last movement may not be just a one-time transaction.
Nazoku data revealed that four major addresses accumulated a total of 512,595 LINK in the last four days. This movement attracted attention at a time when the short-term price recovery was gaining strength.
Chainlink is known as a decentralized oracle network that carries external data to smart contracts on different blockchains. This structure is used for price data and off-chain information flow, especially in DeFi applications.
The price approached the $7.40 threshold
According to BraveNewCoin data, LINK price traded around $7.39 and is up about 3.4% in the last 24 hours. In the same session, the price bottomed just above $7.13, then tested the intraday top, approaching $7.43.
This recovery left behind some of the recent weak outlook and made the $7.20 to $7.25 band an important support area in the short term. As long as the price stays above this zone, resistance levels around $7.43 and then $7.50 are likely to follow. In a downward break, $7.10 may come to the fore again.
Technical indicators pointed to an improvement in momentum
On the 30-minute chart, it is seen that buyers have come to the fore again after a few days of horizontal trend. In the short-term outlook, the higher lows formed especially in the recent pullbacks created a structure showing that buyers remained active during the recovery process.
A positive intersection was formed in the MACD indicator when the line rose above the signal line. The fact that the histogram moved into the positive zone again indicated that the outlook for short-term momentum had improved. The move gives the appearance of a gradual recovery rather than a strong bounce.
Relative Strength Index increased to 60.58. Although this value shows that the buying tendency is getting stronger, it reveals that we have not yet entered the overbought zone. The fact that the course of transaction volume remains balanced suggests that the movement is based on a stable strengthening rather than a sudden and harsh speculative jump.
