Cryptocurrency investors with substantial holdings of Chainlink (LINK) continued to invest as the token's price maintains a steady $23. So, what can be expected next in the market for LINK?

In the ever-evolving world of cryptocurrencies, Chainlink (LINK) continues to garner attention from analysts and traders alike. At the time of writing, Chainlink is trading near $23, reflecting a 2.17% gain over the last 24 hours, according to CoinGecko data.

Recent analysis has highlighted Chainlink as an important factor in upcoming market developments. Key support levels have been identified around $18 and $20. If demand increases, Chainlink could revisit highs near $28 to $30. However, failure to hold these supports could lead to retests near $11 and $10.

The mix of technical signals and whale accumulation has created a complex setup for Chainlink. Traders are watching whether the token can hold above the $22 level and build momentum for a move higher. Analyst Matthew Dixon identified $22.12 as a potential DCA (dollar-cost averaging) zone for Chainlink.

On-chain data shared by Alphractal highlights the steady accumulation of Chainlink by larger holders, even during periods of price weakness. Whale wallets holding over 100k LINK are rising, suggesting steady accumulation at lower ranges. This accumulation trend, combined with the continued profitability of many wallets, may contribute to further accumulation by whales and sharks.

If LINK were to correct deeper, Chainlink's realized price could become a base where accumulation strengthens further. The realized price, the average acquisition cost of coins in circulation, is currently around $15.1, providing a strong support base in case of further corrections.

A potential dip towards $21.06 was noted by Matthew Dixon, and a move below 40 on the Relative Strength Index (RSI) charts could lean bearish, according to his analysis. However, a move above 60 could indicate a bullish reversal.

Analysts are optimistic about Chainlink's role in the next market cycle. Alphractal's analysis suggests that these investors are confident that Chainlink will play an important role in the upcoming market developments. A potential breakout could occur if Chainlink gathers enough buying momentum, with targets around $24.5 and beyond expected if such a move plays out.

In conclusion, the current situation for Chainlink presents a balance between the risk of short-term dips and the possibility of a stronger breakout ahead. As such, retail traders are watching Chainlink closely, with the accumulation trend by whales and sharks providing a compelling reason to do so.