1,380,000 LINK Bought by Whales During the Dip: Bull Run Loading?

Chainlink (LINK) is seeing renewed interest from large holders following a sharp drop in price. During a recent decline to around $15, whale wallets added more than one million tokens.

LINK was trading near $19 at press time, up 2% in the last 24 hours, though still down over 13% over the past week.

Large Holders Increase Exposure

According to analyst Ali Martinez, whale wallets holding between 100,000 and 1,000,000 LINK added a total of 1.38 million tokens during the recent dip. This activity occurred as prices fell in early October. The move suggests larger investors are increasing their exposure during a period of weakness.

On-chain data shows a visible increase in whale balances while LINK traded near local lows. Similar activity was seen earlier this year, when whale buying between June and August was followed by a price move to just under $27. The same group of holders appears to be active again, which may be viewed as a response to lower prices.

Additionally, data from CryptoQuant shows a net outflow of 281,700 LINK from exchanges in the recent period. This means more LINK was moved out of trading platforms than brought in. The timing aligns with the drop in price, suggesting the withdrawals are not related to selling pressure.

Withdrawals of this size often indicate that tokens are being transferred to private wallets. When this happens during a falling market, it is generally associated with accumulation rather than liquidation. The absence of large inflows during the same period supports the view that major selling has not taken place.

Chainlink Expands Use Cases with S&P Global Ratings

Chainlink is also expanding its network beyond price feeds. S&P Global Ratings has announced a new partnership with Chainlink to bring its Stablecoin Stability Assessments (SSA) on-chain. These ratings will be available in real-time, using Chainlink’s oracle technology to deliver data directly to blockchain applications.

Meanwhile, this move aims to make stablecoin data more accessible for users and developers. By working with S&P Global Ratings, Chainlink continues to build connections between traditional finance and blockchain tools.

Key Resistance Still Holds

According to market analyst CRYPTOWZRD, LINK’s daily candle closed slightly bearish, and the token remains below the $20 resistance. A move above this area may lead to a push toward $30.00.

The analyst noted,

The price of LINK is currently moving in line with overall market conditions, with Bitcoin playing a role in guiding sentiment. For now, short-term traders are monitoring intraday levels to determine the next move.

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