On-chain analysis shows that wallets holding between 100,000 to 1,000,000 LINK tokens have accumulated over 85 million LINK, setting a record for the highest whale holdings since the end of 2022. This accumulation phase is characterized by extremely low retail participation, indicating that large investors may be strategically increasing their positions, possibly anticipating future developments or market changes. The current price is consolidating around $13.48, reflecting that the market is in a balanced state, waiting for a catalyst to break the deadlock between large holders and small traders.

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