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3d ago

Chainlink Nears Key $20 Test as Whale Accumulation Drains Exchange Supply

Heavy on-chain accumulation has tightened supply, putting a $20 breakout in focus.

Chainlink faces a fierce $16 battle: Can bulls win this round?
Chainlink whale dumps $29 mln – Can LINK bulls defend $16.5?
Chainlink whales make moves worth $15 mln: Where is LINK heading?
Chainlink (link) price eyes 35% upside as whales accumulate near key resistance

Overview

  • LINK rebounded into the high teens after a 10%–14% jump on Oct. 20 during a broader market bounce.
  • Lookonchain reports 30 new wallets withdrew 6,256,893 LINK (about $116.7 million) from Binance since Oct. 11, signaling off‑exchange holding.
  • On-chain clusters show roughly 54.47 million LINK accumulated near $16, establishing one of the cycle’s strongest support zones.
  • CoinGlass recorded $16.57 million in net exchange outflows on Oct. 21, while analysts highlight a double‑bottom and multi‑year triangle with $20–$25 as pivotal resistance and potential targets around $24–$30 if confirmed.
  • Confidence is bolstered by Chainlink’s Q3 partnerships (including Swift and DTCC) and uninterrupted oracle operations during an AWS outage, reinforcing perceived long‑term utility.