LINK Rebounds After Sharp Selloff as Whales Buy and Exchange Reserves Hit Record Low

Exchange supply has fallen to an all-time low, a signal many traders read as reduced near-term selling pressure.

Overview

LINK dropped nearly 12% to an intraday low around $20.30 on Sept. 22, breaking the $21–22 support band before recovering to about $21.8.
On-chain data tracked by analyst Ali Martinez shows large holders accumulated more than 800,000 LINK during the dip.
Roughly 5.5 million LINK were withdrawn from centralized exchanges within 24 hours, with total exchange reserves at an all-time low according to CryptoQuant.
Analysts say a daily close back above $21–22 would mark stabilization, with near-term resistance areas near $23.1, $24.8, and $25.7 and key support around $20.
Speculative narratives in coverage include chatter about a possible LINK ETF and trader calls for a move toward $30, which remain unconfirmed.