Chainlink Price Drops: 800,000 LINK Bought by Whales as 5.5M Tokens Leave Exchanges

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Chainlink Price Sees Whale Accumulation While Exchange Balances Plunge

The Chainlink price has taken a dip, but major holders, often referred to as whales, are seizing the opportunity. In the past 24 hours, investors holding between 100,000 and 1,000,000 LINK added over 800,000 coins to their wallets as the price hovered around $21.5. This significant accumulation hints that whales are confident in Chainlink’s long-term prospects despite recent price weakness.

At present, these large wallets command nearly 179.5 million LINK in total. Just days earlier, similar whale accounts accumulated close to 2 million LINK in only 48 hours, when the Chainlink price was steady near $24. This consistent buying suggests whales view the current price levels as attractive for long-term investment.

Exchange Outflows Suggest Growing Holder Confidence

Over the same period, exchange data revealed that 5.5 million LINK exited trading platforms within 24 hours. This substantial outflow extended a trend of shrinking exchange balances that began in July. Typically, when tokens are withdrawn from exchanges, it indicates a preference for long-term storage and a reduction in selling pressure.

According to data from CryptoQuant, the number of active Chainlink addresses recovered from a mid-September low of about 4,000 to nearly 5,800, even as the Chainlink price hovers near $22. Both active addresses and price have trended down from late August, when addresses reached almost 8,000 and LINK traded above $26. Still, the recent uptick in network participation suggests renewed interest among holders as the price consolidates near its recent lows.

Chainlink Price Technical Analysis: Key Levels to Watch

Technical analysts remain cautious about the Chainlink price, noting that both LINK and its Bitcoin trading pair closed with bearish daily candles. Resistance is identified at $30, while support around $20 remains crucial. Short-term momentum could see the price rebound toward $24 if it holds above $22; if not, a move down to $19.80 is possible. The market remains volatile, and traders are waiting for a clear breakout before taking new positions.

Currently, Chainlink is trading just above $22, with a 24-hour volume of $928.6 million. Over the last day, the token has risen 3%, but it remains 8% down for the week.

What This Means for Chainlink Investors

The accumulation by whales and significant token withdrawals from exchanges reflect growing faith in Chainlink’s long-term value, even as the Chainlink price faces short-term pressure. With network activity rebounding and trading volumes high, the coming days could prove pivotal in establishing the next major price trend for LINK.

For a deeper look at current on-chain trends, you can visit CryptoQuant.