Chainlink (LINK) continues to trade below a key resistance level of $10.85, showing a pattern of gradual accumulation according to price charts. On-chain data indicates reserve growth of over 121,000 LINK, worth approximately $1 million, signaling continued buying interest. At press time, the token was trading at $8.96, down 2.9% over the past 24 hours.
The Chainlink token is forming a consolidation range just below the $10.85 resistance level. Recent price action is creating higher lows, suggesting buyers are entering during dips.
Several rejected attempts at $10.85 mark it as a strong supply zone. A break above that level would likely require sustained volume.
As long as LINK remains above its most recent higher low, a gradual increase toward $11.50 to $12.00 is possible. Conversely, a failure to hold could see a retrace to the $9.80 to $10.00 area where historical demand exists.
In a recent tweet, Chainlink reported reserves have grown over 121,000 LINK, roughly equal to about $1 million. This suggests a probability of larger players accumulating LINK.
The influx of LINK reserve accumulation suggests a bullish bias but does not guarantee a near-term breakout. The accumulation may indicate an increase in the average tenure of holdings versus a sudden price movement.
Technical structure and underlying data suggest the market is set up for price movement. The key pivot level remains $10.85.
