Chainlink Whales Withdraw $188M LINK, Extend Accumulation
Chainlink whales have withdrawn over 9.94 million LINK (~$188 million) from Binance since Oct 11, following a recent 128,000 LINK outflow from OKX and Kraken in 24 hours. This sustained outflow extends a five-month accumulation trend and underscores institutional confidence in Chainlink. On-chain metrics show the Holder Accumulation Ratio at 98.9% and falling exchange balances, indicating growing self-custody. Technical indicators place LINK near $18.56, close to the 20-day SMA. A breakout above the upper Bollinger Band at $21.45 could drive a rally toward $22–$24. Key resistance levels lie at $20.02, $23.75 and $26.06, with support at $17 and $15.30. Futures data reveal buy-side dominance in the 90-day Taker CVD and over $36K in short liquidations. Traders may target these levels if LINK holds above $18, as whale-driven accumulation points to a bullish market structure for Chainlink.
Bullish
The large-scale withdrawal of over 9.94M LINK from Binance, combined with 128K LINK moved off OKX and Kraken, signals reduced selling pressure and a shift to self-custody. On-chain metrics such as a 98.9% Holder Accumulation Ratio and declining exchange balances confirm sustained whale accumulation. Technical indicators—20-day SMA proximity, Bollinger Band breakout potential, and key support/resistance levels—point to a strong setup for a rally. Futures data showing buy-side dominance and significant short liquidations further reinforce the bullish outlook. Together, these factors suggest both short-term upside momentum and long-term confidence in Chainlink’s price appreciation.