Chainlink Whales Accumulate 4M LINK: Bullish Signal?

Key Insights:

• Whales bought over 4 million LINK as price dropped from $17.50 to nearly $14.
• Exchange reserves fell by 6 million LINK in one week, hinting at off-exchange accumulation.
• RSI near oversold and MACD still negative—momentum weak despite whale accumulation trend.

Chainlink (LINK) holders have added over 4 million in the past two weeks, according to on-chain data. Wallets holding between 100,000 and 1,000,000 LINK tokens increased their balances while the market price dropped. LINK is currently trading around $14.40, down from above $17.50 earlier in the same period.

This activity has come during a broad market pullback. 

Ali reported, 

“Whales have accumulated more than 4 million Chainlink $LINK over the past two weeks!”

 The timing suggests that some larger participants may be positioning during the recent correction.

Exchange Balances Fall as Tokens Move Off Platforms

During the same timeframe, the total amount of LINK held on centralized exchanges has decreased. Data from CryptoQuant shows reserves falling from around 146.5 million to 140.3 million tokens between October 31 and November 7. This drop of over 6 million tokens indicates reduced selling availability on exchanges.

The movement of assets away from exchanges often reflects longer-term holding behavior. When large wallets accumulate while exchange balances decline, it can reflect a change in short-term supply dynamics. However, no direct outcome is confirmed by this alone.

Momentum Indicators Still Show Weakness

LINK has lost 16.6% over the last 7 days, and is down 2.68% in the last 24 hours. The recent price action continues to show a series of lower highs and lower lows on the daily chart, reflecting a bearish trend.

The Relative Strength Index (RSI) is now near 32.90, close to the oversold threshold of 30. This suggests that the asset is nearing a level where buyers may start to re-enter. The MACD remains negative, with no sign of a crossover yet, keeping downside momentum in place.

Market Watching Key Levels

Whale accumulation and declining exchange reserves have drawn attention, but price remains under pressure. While some see this behavior as preparation for a recovery, others remain cautious as technical signals have not yet confirmed a reversal.

Ali shared, “Whales have accumulated more than 4 million Chainlink $LINK,” but short-term direction still depends on how price reacts around current levels. The market is watching for signs of either stabilization or further losses.