A notable Chainlink (LINK) whale withdrew $612,550 worth of LINK tokens from Binance in four separate transactions within an 18-hour period, according to on-chain data. The moves coincide with ongoing efforts by Chainlink to recover from a broader market correction that has weighed on most cryptocurrencies in recent weeks.
Whale activity signals possible accumulation
Onchain Lens, a blockchain analytics platform, reported that the large holder transferred a total of 57,000 LINK from Binance to private multisignature wallets. In the latest transaction, the whale withdrew 16,900 LINK, valued at around $181,640, increasing their total activity over this brief window.
Such sizable withdrawals from centralized exchanges are often monitored closely as they may indicate an intent to hold tokens in the longer term. Transferring assets to private wallets can suggest that investors are preferring security or preparing for accumulation, though these actions alone do not necessarily reflect a bullish outlook.
Some market participants pay heightened attention to large exchange withdrawals, viewing them as a potential signal that big investors are positioning for longer-term gains in $LINK. However, analysts caution that these transfers could also reflect changing security practices or portfolio adjustments not directly tied to price expectations.
Moving LINK from exchanges is interpreted by many as a possible sign of growing confidence among major holders, particularly during periods of price weakness for the broader crypto sector. Still, industry observers highlight that the true intention behind such moves would become clearer with additional data on further wallet activity or subsequent deposits.
Mini dictionary: Multisignature wallet, a type of cryptocurrency wallet that requires multiple users to sign off on transactions, increasing security by reducing the risk of unauthorized transfers.
LINK price tests key support levels
Despite increased whale activity, Chainlink’s price continues to face headwinds. LINK recently traded around $10.85, while its relative strength index (RSI) hovered near 40, indicating subdued momentum. Persistent selling pressure has kept the token under its recent highs.
The immediate support level stands at $10.71. If this price floor fails, market analysts expect LINK could drop further, with the next support identified at $10.35. On the upside, resistance is expected between $10.97 and $11.00. A decisive move above $11 could shift the short-term outlook, making $11.69 the next target for bullish traders.
| Price Level | Current Status |
|---|---|
| $10.71 | Immediate support |
| $10.35 | Secondary support if $10.71 breaks |
| $10.97-$11.00 | First resistance zone |
| $11.69 | Next resistance on upward breakout |
Technical outlook: Analyst sets $15 recovery target
Investor Jordan, a recognized figure in cryptocurrency analysis, pointed to a potential double-bottom pattern on LINK’s price chart. This technical indicator suggests that downward selling pressure may be waning, and could foreshadow a trend reversal if confirmed by increased buying activity.
Based on his analysis, a sustained breakout could drive LINK as high as $15, representing a potential rally of 38% from current levels. Jordan cautioned that for the double-bottom formation to remain intact, LINK must hold above the identified support levels in the near term.
Investor Jordan observed that despite the ongoing market downturn, LINK has shown signs of resilience, remaining one of the few coins with notable relative gains since last summer. If strong buying follows the current pattern, a $15 target could be achievable.
Further large-scale withdrawals from exchanges would strengthen the accumulation argument, while any return of these tokens to Binance might prompt a reassessment. Market participants remain focused on whether sustained wallet activity from these whales will shift overall sentiment surrounding Chainlink in the coming sessions.
