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18h ago

Chainlink Whales Extend Accumulation as LINK Presses $20 Resistance

Rising open interest alongside shrinking exchange reserves tightens supply, putting the focus on a decisive break above $20.

Chainlink [LINK]
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Overview

  • A newly created wallet withdrew 490,188 LINK worth about $9 million from Binance, lifting its holdings to 771,095 LINK, while 39 wallets have pulled roughly 9.94 million LINK (≈$188 million) off Binance since Oct. 10.
  • Exchange balances have fallen to their lowest since December 2022 as Glassnode data shows 98.9% of active addresses acting as net buyers.
  • Derivatives activity increased with open interest up about 7.7% to roughly $695 million and CryptoQuant’s Futures Taker CVD pointing to buy-side dominance.
  • LINK trades around $18–19, with support near $16–16.5 and resistance around $19.9–$22, and analysts note upside targets only if price breaks and holds above those levels.
  • Technical readings diverge, with one outlet citing a bullish pennant and another warning of a bearish pennant and looming death cross, as Circle’s Arc testnet names Chainlink as an oracle provider.