Chainlink Price Eyes $10 Breakout as Whales Accumulate 421.5k LINK

Whales pulled 421.5k LINK from top exchanges in 24 hours. Is Chainlink gearing up for a $10 breakout? Here’s what the data shows.

Chainlink is making moves. LINK is trading around $9.21, sitting just below a key resistance zone. 

The asset has spent several weeks consolidating between $8.30 support and $9.40 resistance. 

Bollinger Bands have tightened considerably, a pattern that often signals a sharp price move is near. Recent candles have continued to print higher lows since February’s sell-off, suggesting steady accumulation beneath the surface.

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Chainlink Whales Pull Millions From Exchanges

On-chain data tells an interesting story. 

Crypto analyst Nazoku reported that seven investors withdrew a combined 421,500 LINK tokens, worth roughly $3.75 million, from centralized exchanges within a single 24-hour window.

Binance saw the largest outflow, with 331,277 LINK tokens worth $2.95 million leaving the platform. Coinbase followed with 62,120 tokens valued at $551,600. 

Uphold recorded an additional 28,110 tokens worth $246,500 moving off the exchange.

Wallet address 0x3C1D stood out as the most aggressive buyer. That single wallet accumulated 132,100 LINK tokens, spending close to $1.2 million. 

Large withdrawals from exchanges typically signal that investors intend to hold rather than sell, reducing available supply in the process.

LINK Technical Setup Points Toward $9.40 Resistance Test

The charts back up the on-chain narrative. 

Price is currently holding above the 20-day middle Bollinger Band near $8.84. The upper band rests around $9.36, forming a clear ceiling bulls need to push through.

The RSI sits at 54.07, above the neutral 50 line. Its signal average near 50.18 shows gradual improvement in short-term momentum without yet signaling overbought conditions. 

That leaves enough room for a continued push higher.

A confirmed daily close above the $9.35 to $9.40 zone could open the door toward $10.00. Without that confirmation, LINK risks another pullback toward $8.80, with stronger support waiting at $8.30.

Retail Interest in Chainlink Remains Strong

Beyond the whales, broader market appetite for LINK appears solid. Nazoku noted that LINK rose 5% on the day, riding momentum from Bitcoin and Ethereum. 

Retail investors remain drawn to the asset, with many viewing recent price dips as buying opportunities.

Chainlink’s range-bound action over recent weeks has not dampened interest. If anything, the sustained consolidation near resistance with rising accumulation activity suggests buyers are building positions ahead of a potential breakout. 

The $10 level remains the target to watch.

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