In Brief
- 30 wallets withdrew 6.25M LINK worth $116.7M from Binance after the October 11 crash.
- LINK price surged 10% in 24 hours, breaking above key resistance and reversing trend.
- Whale activity includes $16.94M and $2.4M LINK withdrawals, indicating strong accumulation.
A surge in large Chainlink ($LINK) withdrawals has followed the October 11 market correction, pointing to increased investor confidence. On-chain data reveals that 30 new wallets collectively removed 6,256,893 LINK, worth around $116.7 million, from Binance.
This movement suggests strong accumulation and a shift of tokens into long-term storage by high-value holders. Market analysts associate such off-exchange activity with bullish sentiment and reduced short-term selling pressure.
Additional whale activity supports the trend of strategic accumulation in the past week. A newly created wallet withdrew 142,428 LINK, valued at $2.4 million, from Binance on October 19, according to OnchainLens.
Moreover, Coincu recently reported a whale purchase and withdrawal of 934,000 LINK worth $16.94 million, reinforcing the broader trend. These consistently large transactions reflect growing confidence in Chainlink’s long-term value, even during market uncertainty.
LINK Price Breaks Trendline and Gains 10% on Strong Momentum
Chainlink is showing a significant price rebound, reflecting investor accumulation and technical strength. As of the latest CoinMarketCap data, LINK trades at $18.78 with a daily gain of 10.06%.
Despite falling 4.80% over the past week, LINK has regained momentum and shows a slight 1-hour dip of 0.46%. The 4-hour chart indicates a breakout from a descending trendline, confirming a bullish reversal above the $16.00–$16.20 support zone.
LINK shows strong upward momentum, with the next upside targets set at $20.00 and the $23.50–$23.70 resistance area. Holding above $18.50 remains crucial for sustaining bullish strength and encouraging continued buying interest.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/news/30-wallets-withdraw-116-7m-in-link-from/