Chainlink Whale has been accumulating for three days, and the LINK price is brewing a bullish reversal, with hopes of breaking through the key resistance level of 24 USD.

Chainlink (LINK) price has fallen over 7% in the past week, retreating about 25% from its October peak, but is currently showing signs of a bullish reversal. On-chain data indicates that in the past three days, whale wallets holding 100,000 to 1 million LINK have continued to increase their positions, accumulating strong momentum. At the same time, LINK has formed a potential double bottom bullish pattern on the daily chart, and if it can successfully break through the resistance level at $20.24, it may trigger a surge towards $24 or even higher levels.

Chainlink Resilience Shines: Key Services Unaffected by AWS Outage

· Although the LINK price has recently experienced a pullback and is currently trading around $17.74, market sentiment began to shift positively on October 21, mainly driven by its network resilience and favorable developments in its core business.

On October 20, the Chainlink team emphasized on the social media platform X that during the widespread outage of Amazon Web Services (AWS), which affected the services of several major trading platforms, including a mainstream CEX, Chainlink's oracle service remained fully operational. This event successfully demonstrated the reliability and robustness of decentralized systems compared to centralized cloud infrastructure, greatly boosting market demand and confidence in its tokens. Chainlink has become the preferred oracle provider for systems with high data integrity requirements, supported by its network of node operators backed by cryptographic guarantees and a reputation incentive model.

Institutional Cooperation Upgrade: Chainlink Expands Business Landscape and Leads the RWA Wave

· Chainlink Labs disclosed several significant partnership developments in its latest third-quarter report, marking its transition from a pure oracle solution to a full-stack infrastructure platform supporting tokenized assets and real-world applications.

· These partners include global interbank information giant Swift, the US clearinghouse DTCC, and its European counterpart Euroclear. In addition, Chainlink is also involved in a pilot project in collaboration with the US Department of Commerce aimed at bringing government data on-chain. These collaborations align closely with the current industry hot topic of RWA (Real World Assets) tokenization trends, reinforcing LINK's core position in the Web3 financial infrastructure.

On-chain Data Support: Whale Accumulation and Exchange Outflows Dual Bullish Signals

· On-chain data provides strong evidence for LINK's bullish outlook. According to data from DeFiLlama, Chainlink still dominates the oracle market with a total value locked (TVS) of over $92.58 billion, accounting for about 68% of the entire market, far ahead of its closest competitor Chronicle ($10.5 billion TVS).

· Santiment data shows that Whale Wallets holding between 100,000 and 1 million LINK have steadily increased their holdings over the past three days. This accumulation trend corroborates the significant exchange outflow data monitored by Nansen. Over the past week, the total balance of LINK on mainstream CEX has decreased by 3.8%, down to 26.96 million tokens, which is generally regarded as a bullish signal for investors moving assets to self-custody Wallets.

Technical Analysis: Double Bottom Pattern Confirmation Will Open Up $24 Upside Potential

· LINK appears to have formed a double bottom pattern on the daily chart, which is a classic bullish reversal structure indicating that recent selling pressure is weakening and buyers are beginning to defend at key support levels.

· The key resistance level is at 20.24 USD, which is the neckline of a potential double bottom pattern. Notably, this level coincides exactly with the 50% Fibonacci retracement zone, further enhancing its technical significance.

· Trading advice: If the LINK price can break through the neckline of 20.24 USD and the Relative Strength Index (RSI) also breaks its descending trend line resistance, it will provide strong confirmation for a bullish setup. Currently, the Moving Average Convergence Divergence (MACD) indicator line is moving upwards, indicating that momentum is gradually shifting towards the bulls. Once the double bottom pattern confirms the breakout, the theoretical target price is 24 USD, which implies a potential rise of about 35% from the current price. However, if LINK falls below the 38.2% Fibonacci retracement level of 16.47 USD support, the bullish structure will be invalidated, and the token may face further downside risk.

Conclusion

The strong resilience demonstrated by Chainlink during centralized failures, coupled with its deep layout in the RWA and institutional collaboration fields, has made it a focal point in the market again. The active accumulation by on-chain Whales and the bullish signals from technical indicators lay the foundation for LINK to break through key resistance levels. In the context of increasingly important decentralized infrastructure, the long-term development potential of Chainlink is worth ongoing attention.

Disclaimer: This article is for informational purposes only and does not constitute any investment advice. The cryptocurrency market is highly volatile, and investors should make cautious decisions.