Chainlink Whales Accumulate $9M in LINK as Breakout Looms
Chainlink whales have withdrawn 490,188 LINK (≈$9 million) from Binance, lifting private holdings to 771,095 LINK and reducing exchange supply. Onchain Lens data show sustained accumulation by large Chainlink investors, a pattern often preceding major price rallies. Derivatives metrics confirm growing trader conviction: futures open interest rose 7.7% to $695 million, while CryptoQuant’s Futures Taker CVD indicates buy-side dominance. Chainlink’s price action has formed a bullish pennant between $16.51 support and $19.91 resistance, with the RSI at 48 offering room for upside. A decisive breakout above $19.91 could target $23.77 and $28.06. Traders should monitor volume-backed momentum and price movements for confirmation of a bullish breakout.
Bullish
This development is bullish for LINK. Large-scale Chainlink withdrawals and sustained accumulation reduce exchange supply, historically triggering price rallies. The 7.7% increase in futures open interest and buy-side dominance in the Futures Taker CVD reflect growing trader conviction. Technical indicators—a bullish pennant between $16.51 and $19.91 and an RSI of 48—point to potential breakout momentum. A volume-backed move above $19.91 could pave the way to $23.77 and beyond, suggesting both short-term gains and longer-term upside for Chainlink.