Whales steadily pull LINK off exchanges, highlighting strong accumulation and renewed confidence in the Chainlink ecosystem.
Chainlink (LINK) is seeing a wave of accumulation from major investors, with exchange balances dropping sharply as whales move their tokens off centralized platforms.
On-chain data from Lookonchain shows that 39 new wallets have withdrawn nearly 10 million LINK, worth about $188 million, from Binance since the October 11 cryptocurrency market crash.
Earlier this month, 30 wallets had already pulled 6.25 million LINK worth around $116.7 million from the exchange, suggesting a steady trend of long-term accumulation.
Crypto analyst Tom Tucker noted that exchange reserves “keep dropping, a clear sign of accumulation.” He added that the Holder Accumulation Ratio has reached 98.9%, meaning nearly all LINK holders are adding to their positions.
The surge in whale activity comes as Chainlink rolls out its new Treasury Pool program, designed to reward node operators, early contributors, and community members who have supported the network’s growth.
Chainlink Price Tests Key Resistance
Traders, meanwhile, are watching key technical levels. Chainlink’s price climbed 5% over the weekend to a high of $19.02 before pulling back on Monday. By early morning, LINK had dropped about 2.5% and was trading around $18.57.
Although Chainlink (LINK) shows signs of recovery after rising above its 5-day average, it remains below the 20-day level at $19.86.
Momentum indicators such as the RSI (46) point to moderate buying pressure but not a confirmed bullish reversal, suggesting the recent bounce could face resistance near $19.
Analysts note that LINK “needs to break above $18.7 to open the door to $23-$25,” but warn that failing to sustain momentum could trigger a retest of the $15.4 support zone.
Why This Matters
Sharp drop in exchange balances and surge in whale accumulation signal growing investor confidence in Chainlink’s long-term fundamentals, potentially setting the stage for a sustained price breakout once market momentum strengthens.
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