Chainlink (LINK) Price Eyes Breakout Toward $27 as Whale Accumulation Strengthens Support

Chainlink (LINK) has shown a strong rebound from the key $16 demand zone, a level that has repeatedly acted as a launchpad for major rallies. The price continues to move within a descending channel, where persistent buying at the lower boundary signals increasing investor confidence. This support zone is widely seen as a value range for accumulation, setting the stage for the next bullish move.

Currently, LINK faces critical resistance near $19.95 — a historical pivot level that has often triggered strong breakouts in the past. A decisive move above this barrier could open the path toward $23.6 and potentially $27 by December. The ongoing formation of higher lows and tightening within a long-term symmetrical triangle suggest that a breakout phase may be imminent, aligning with bullish technical patterns observed since 2022.

On-chain data reinforces this positive outlook. Whale investors have accumulated roughly 54.47 million LINK around the $16 region, marking it as one of the most substantial support bases in recent months. This accumulation demonstrates renewed conviction among large holders, who appear to be positioning for further upside.

Meanwhile, exchange flow data from CoinGlass indicates strong bullish sentiment, with over $16.57 million in net outflows recorded on October 21 — one of the largest single-day withdrawals recently. Reduced token supply on exchanges often precedes upward price pressure, as decreasing liquidity can fuel market rallies.

Overall, the $16 support remains the cornerstone of Chainlink’s bullish structure. Whale accumulation, declining exchange reserves, and technical strength all point toward a potential breakout. If LINK sustains momentum above $19.95, analysts expect a continued surge toward $27 in the coming months.