Chainlink held above $13 on Monday as LINK-focused ETFs posted their largest daily inflow this year. Large wallets also hold a bigger share of supply, while a sustained breakout above resistance near $13.50 could strengthen the case for another leg higher.
Chainlink held above $13 on Monday as stronger ETF demand and rising balances among large holders supported its recovery from last week's pullback. LINK traded around $13.34, up from Thursday's low of $12.09.
Chainlink ETFs record $9.48 million in daily inflows
LINK-focused exchange-traded funds attracted $9.48 million on Friday, their largest daily inflow so far this year, according to SoSoValue. The funds have also recorded five consecutive weeks of inflows, which points to sustained demand through traditional investment products.
That buying provides a supportive backdrop for the rebound. However, continued inflows will matter if the recovery is to extend beyond nearby resistance.
Large holders increase their share of LINK supply
Santiment data shows that wallets holding between 1 million and 100 million LINK now account for 65.6% of circulating supply, compared with 65.38% on October 1. The rising share suggests increased exposure among large-wallet holders.
Wallet-size categories can include exchanges and other entities, though, so the figures do not necessarily represent individual investors alone.
LINK tests trendline resistance near $13.50
The token is still recovering from a downswing that began at the September 29 high of approximately $15.77. On the four-hour chart, LINK sits just above its declining 50-period exponential moving average near $13.32, and the next hurdle is a descending trendline around $13.50.
A confirmed move above that barrier could bring $13.93 into view, the 50% Fibonacci retracement of the decline from $15.77 to $12.09. A sustained advance would then put the $15.77 swing high in focus, followed by the 127.2% Fibonacci extension near $16.77.
The four-hour Relative Strength Index is near 55, above its neutral midpoint. Price still needs to clear resistance to confirm the breakout.
On the downside, the 50-period EMA at $13.32 provides the closest support reference, followed by the 200-period EMA at $12.95. A deeper pullback would expose the trendline area around $12.30 and Thursday's $12.09 low.
Source: CoinJournal
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