Massive Whale Withdrawals Signal Renewed Confidence
According to Onchain Lens, more than $9 million worth of LINK has been withdrawn from exchanges — a clear sign of returning investor confidence and tightening supply.
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A newly created wallet withdrew 490,188 LINK (worth $9 million) from Binance, bringing its total holdings to 771,095 LINK, valued at $14 million.
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This steady wave of withdrawals reflects declining sell pressure and historically has preceded major LINK rallies.
Analysts suggest that institutional players may be positioning for an upward swing, prompting traders to keep a close eye on the continued accumulation trend.
Bullish Pennant Tightens – LINK Approaches the $20 Mark
After a strong rally earlier this quarter, LINK is now consolidating within a bullish pennant pattern around $18.85, testing resistance near $19.91.
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A breakout above this zone could push LINK toward $23.77 and possibly $28.06.
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The RSI remains at 48, leaving room for further upside if buying momentum builds.
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However, failure to hold support at $16.51 could temporarily stall the uptrend.
Derivatives Data Confirm Aggressive Bullish Sentiment
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CryptoQuant’s Futures Taker CVD shows strong buy-side dominance, as traders are executing market buy orders rather than waiting for dips.
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Open Interest (OI) surged 7.7% to $695 million, signaling fresh capital inflows and rising speculative participation in LINK’s futures market.
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Together with whale accumulation and a bullish chart structure, these metrics strengthen the case for a short-term breakout if demand continues to climb.
A Pivotal Moment: Can Bulls Reclaim $20?
The combination of whale accumulation, bullish technical consolidation, and rising speculative activity paints a clear narrative of recovery.
If buyers break through $19.91 with strong volume, LINK could confirm a new bullish phase, targeting $23.77 in the near term.
Meanwhile, maintaining support above $16.51 remains crucial to preserving the current setup.
Chainlink now stands on the brink of a decisive move — and with momentum building, even a modest breakout could trigger a powerful new rally in the days to come.
