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Recent data shows that Chainlink (LINK) has established strong buyer interest around the $16 level. On October 19, more than 54.47 million LINK were acquired, according to a cost basis heatmap shared by Ali Martinez.<\/p>\n
At press time, LINK was trading at $18, with a 24-hour decline of 5% and a weekly loss of 3%. Daily trading volume stands at $1.05 billion.<\/p>\n
The cost basis heatmap highlights a dense concentration of wallet activity at $16. This level now marks a key reference zone on the chart. The visual shows a strong horizontal cluster, which reflects a high number of tokens changing hands in that range.<\/p>\n
The accumulation suggests market participants see value at this level. A large volume of tokens held here may reduce selling pressure, especially if prices return to that zone. Ali Martinez described<\/a> the area as a \u201cstrong support zone<\/em>,\u201d based on the size of the holdings.<\/p>\n A separate chart from Ali shows<\/a> a long-term triangle pattern with price squeezing between rising and falling trendlines. LINK is currently positioned around the middle of the formation.<\/p>\n The analyst noted:<\/p>\n \u201cThe next time Chainlink breaks $25, it could ignite a bull rally to $100.\u201d<\/p>\n<\/blockquote>\n Fibonacci projections on the chart show possible continuation levels at $32, $53, $74, and $99, if the price breaks out and holds above $25.<\/p>\n Past market behavior shows how LINK responded to major downturns. In March 2020, during the COVID-19 crash, LINK dropped 80% in one day. Over the next 15 months, it gained more than 3,700%, reaching above $50. This data was shared by Micha\u00ebl van de Poppe, who noted how sharp declines can become recovery zones.<\/p>\n The COVID-19 crash was the lowest point in the previous cycle for many #Altcoins<\/a>.$LINK<\/a> went down 80% in a single night.<\/p>\n It did make a 3,700% since then in 15 months.<\/p>\n In hindsight, the largest crashes are the best financial opportunities. pic.twitter.com\/eMb9AExWy9<\/a><\/p>\n \u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) October 20, 2025<\/a><\/p>\n<\/blockquote>\n After peaking in 2021, LINK trended lower and found a base between $5 and $8 by late 2022. Since then, the price has remained mostly stable, with recent moves pushing it back near $18.<\/p>\n Recent on-chain data from Santiment adds another view<\/a>. When average 30-day returns for LINK holders fall below -5%, price has often recovered shortly after. The firm noted this level was reached again on Friday, suggesting renewed accumulation.<\/p>\n Earlier this month, wallets holding between 100,000 and 1,000,000 LINK added<\/a> 1.38 million tokens during a short pullback. The ongoing interest from larger holders adds weight to the current support zone.<\/p>\n The post 54,470,000 LINK Bought at $16: Major Support Zone Forms<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n\n
Historical Price Action and Market Response<\/h2>\n
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On-Chain Activity Supports Local Strength<\/h2>\n
![<\/a>Source: Ali Martinez\/X<\/figcaption><\/figure>\nHistorical Price Action and Market Response<\/h2>\nPast market behavior shows how LINK responded to major downturns. In March 2020, during the COVID-19 crash, LINK dropped 80% in one day. Over the next 15 months, it gained more than 3,700%, reaching above $50. This data was shared by Micha\u00ebl van de Poppe, who noted how sharp declines can become recovery zones.<\/p>\n\nThe COVID-19 crash was the lowest point in the previous cycle for many #Altcoins<\/a>.$LINK<\/a> went down 80% in a single night.<\/p>\nIt did make a 3,700% since then in 15 months.<\/p>\nIn hindsight, the largest crashes are the best financial opportunities. pic.twitter.com\/eMb9AExWy9<\/a><\/p>\n\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) October 20, 2025<\/a><\/p>\n<\/blockquote>\nAfter peaking in 2021, LINK trended lower and found a base between $5 and $8 by late 2022. Since then, the price has remained mostly stable, with recent moves pushing it back near $18.<\/p>\nOn-Chain Activity Supports Local Strength<\/h2>\nRecent on-chain data from Santiment adds another view<\/a>. When average 30-day returns for LINK holders fall below -5%, price has often recovered shortly after. The firm noted this level was reached again on Friday, suggesting renewed accumulation.<\/p>\nEarlier this month, wallets holding between 100,000 and 1,000,000 LINK added<\/a> 1.38 million tokens during a short pullback. The ongoing interest from larger holders adds weight to the current support zone.<\/p>\nThe post 54,470,000 LINK Bought at $16: Major Support Zone Forms<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2025\/10\/G3sn_c9XsAA4P6j.jpeg\"){kind=link}