Chainlink (LINK) traded relatively flat on Monday, as the token continued to recover from a sharp market-wide pullback.
Notably, over the past week, the asset has risen more than 13%, and the surge has driven increased buying activity from large holders.
According to Santiment data shared by analyst Ali Martinez, whales have accumulated millions of LINK during the recent weakness. The pundit said large entities purchased approximately 10.36 million LINK over the past 96 hours.
“Following Chainlink’s recent 17% correction from $13.68 to $11.29, whales appear to have taken advantage of the weakness. Over the past 96 hours, large entities accumulated roughly 10.36 million LINK, worth around $120 million. That kind of accumulation after a sharp pullback suggests whales may be positioning for a rebound,” Martinez wrote.
However, the accumulation comes after LINK fell from $13.68 to $11.29, marking a 17% correction from its recent level. The buying activity suggests that some large investors are using the decline to increase their exposure rather than waiting for a deeper recovery.
 
Meanwhile, other analysts remain optimistic about LINK’s outlook despite the recent decline. Analyst Michaël van de Poppe said investors looking at LINK from a longer-term perspective may find the current levels attractive, although he outlined different entry points depending on market direction.
“Overall, if you’d be looking at LINK from an investment angle, you’d much rather want to accumulate positions here,” van de Poppe tweeted.
He identified $11.80 as an important level for a potential long position if the market avoids another breakdown. If LINK falls further, he said the $10 area could become another level of interest, particularly if Bitcoin experiences another sharp decline. The analyst placed LINK’s next major target around $15 if the token regains strength.
Additionally, analyst LAR (@LAR7Crypto) expects further upside but is watching lower levels for another entry. The analyst said the first LINK purchase was made at $9.50 and plans to place another limit order at the same price.
“LINK is one of the main tokens connected to ETH, so from a global perspective, I expect a new all-time high!” the analyst stated.
At press time, LINK was trading at $13.13, reflecting a 5.66% gain over the past 24 hours.
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