Chainlink Sees $30M Deposit as Exchange Supply Hits Low

• Whale deposit of 1.29M LINK raises short-term uncertainty despite minor loss.
• Analysts predict one more dip before LINK’s potential breakout toward $74–$100.
• Exchange reserves hit record low, fueling bullish momentum for long-term holders.

Chainlink ($LINK) is once again in the spotlight as whale transactions, analyst predictions, and exchange supply shifts converge. A major address recently deposited over 1.29 million LINK tokens worth roughly $30 million to Coinbase, raising eyebrows across the market. 

The move comes at a slight loss, highlighting growing uncertainty in the short-term trend. Yet, broader indicators point to mounting bullish momentum and the possibility of a sharp breakout in the months ahead.

Whale Deposit Sparks Speculation

According to on-chain monitoring, the address accumulated 1.294 million LINK tokens since mid-August at an average cost of $23.69. This week, all holdings were transferred to Coinbase when the token traded near $23.25. If sold immediately, the position would face a paper loss of about $570,000. 

While the loss is modest relative to the size of the holdings, such deposits often trigger speculation about potential selling pressure. However, it could also represent a short-term repositioning strategy rather than a complete exit.

Related: Chainlink’s Deal with SBI Is a Major Win, But Chart Shows LINK’s Battle at $27 Resistance

Analysts Eye One More Dip

Market analyst Ali Martinez suggests Chainlink is forming a symmetrical triangle pattern, a structure that usually precedes a significant breakout. His analysis highlights $21.60 and $16.45 as key Fibonacci supports, while resistance levels remain near $25 and above. 

Martinez expects one more dip toward $20 before LINK attempts a surge toward higher targets. According to his projection, a successful breakout could lift prices to $74 or even $90, with long-term potential toward $100 if momentum sustains.