Chainlink whales drain $9M from Binance – Can LINK bulls break $20 wall?

Key Takeaways 

Are Chainlink whales accumulating again?

Onchain Lens tracked $9 million in withdrawals, signaling renewed confidence and reduced exchange supply.

What metrics back LINK’s bullish setup?

Open Interest jumped 7.7% to $695 million as Futures Taker CVD showed strong buy-side dominance.

A newly created wallet withdrew 490,188 Chainlink [LINK], valued at $9 million, from Binance, increasing its total holdings to 771,095 LINK worth $14 million. 

Such persistent withdrawals reflected growing investor confidence, as large holders continued moving tokens away from exchanges and reducing sell pressure.

Historically, similar whale activity has preceded major LINK rallies. The renewed accumulation suggested that institutional entities may be positioning for a potential upside swing.

That shift kept traders watching for a continuation of this accumulation trend.

Bullish pennant tightens as Chainlink nears $20

LINK consolidated within a bullish pennant pattern after a strong upside impulse earlier in the quarter.

Price hovered near $18.85, testing upper channel resistance at $19.91. A breakout above that level could open the path toward $23.77 and $28.06.

The RSI held near 48, indicating room for additional upside if demand strengthens.

However, failure to maintain the $16.51 support could delay continuation, though the structure still favored a recovery as momentum gradually turned positive.

Source: TradingView

THIS data reveals assertive bullish behavior

Market participants appeared increasingly confident, with Futures Taker CVD data from CryptoQuant showing clear buy-side dominance.

This metric indicated that traders were aggressively executing market buy orders rather than waiting for pullbacks. Such activity reflects a strong belief in upward price potential and signals that speculative sentiment is turning bullish. 

On top of that, consistent taker buy strength is aligned with the ongoing whale accumulation pattern, reinforcing expectations of a short-term breakout if demand continues to rise.

Source: CryptoQuant

Open Interest surge confirms speculative participation

Open Interest surged 7.72% to $694.85 million at press time, suggesting increased trader participation and capital inflows into LINK’s derivatives market. 

Rising OI often indicates heightened confidence in directional movement, especially when paired with whale accumulation and bullish chart structures. 

This combination of Spot and Futures optimism strengthens the probability of sustained recovery. 

Furthermore, as traders open new positions anticipating volatility, liquidity deepens—creating the ideal setup for a breakout continuation if LINK clears its near-term resistance with convincing volume.

Source: CoinGlass

Can bulls reclaim $20 and confirm a breakout?

Whale accumulation, bullish pennant consolidation, and rising speculative participation all reinforced the narrative of recovery.

If buyers push through $19.91, a breakout toward $23.77 could confirm renewed bullish momentum. Sustaining support above $16.51 remains critical to preserving this setup.

Chainlink stood close to a decisive move that could determine whether the bulls regain long-term control.