On Thursday, Chainlink (LINK) climbed from Monday’s lows to reclaim the $23 mark for the first time in over a week. The surge fueled investors’ bullish sentiment, with some market watchers forecasting a breakout to new highs.

Chainlink Whales Go On Buying Spree

Chainlink jumped 9% in the past day, tapping the $23 mark for the first time in ten days. LINK rallied alongside the rest of the market during the post-election pump, surging 200% in one month.

During this rally, the cryptocurrency surpassed its Mach 2024 high of $22 and reached a new multi-year high of $30. However, the December pullbacks halted LINK’s momentum, with Chainlink hovering between $20 and $25 for the rest of the month.

LINK attempted to retest the $25 resistance zone during the start-of-year run but retraced during the recent market corrections, driving the price to $18, its lowest level in over a month.

Amid the current market recovery, the cryptocurrency has surged 27% from its Monday low and caught the attention of analysts and large-scale investors. Altcoin Sherpa signaled that LINK could likely see a “V shape reverse up” following the recovery from the recent market “nuke.”

On Thursday, Crypto analyst Ali Martinez highlighted that whales have “heavily accumulated” LINK in the last few days. According to the post, large-scale investors have purchased 1.35 million LINK, worth around $31 million, since January 14.

It’s worth noting that whales have purchased significant amounts of LINK over the past weeks. In late December, Chainlink whales bought around 3.58 million LINK tokens, valued at $77 million. Meanwhile, on-chain data shared by the analyst shows that these wallets had acquired 1.4 million tokens in the first four days of 2025.

LINK Holds Crucial Level

Martinez suggested that the buying pressure could further impulse LINK’s momentum. Chainlink has been forming a bull pennant since hitting its December high and failed to break above the upper trendline earlier this month.

However, today’s jump sent LINK’s price past the pattern’s upper trendline and, according to the analyst, eyes at the $50 target. Crypto analyst Jelle noted that Chainlink tested a key resistance into support.

The analyst previously stated that Chainlink’s weekly chart was “slowly turning into a true thing of beauty” after the “painful retest” and holding the key level “firmly.”

Jelle pointed out that LINK turned the $18-20 resistance zone into support after the recent retrace and rebound. This zone has been a crucial horizontal level for the token, as Chainlink has rallied to its all-time high (ATH) and new local highs when it was turned into support.

Ultimately, Jelle set LINK’s initial target to $30 before the run to new ATHs. As of this writing, Chainlink is trading at $23.56, a 6% increase in the daily timeframe.