Chainlink (LINK) Down 53% Since August

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Chainlink’s (LINK) 53% drawdown hasn’t scared whales.

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Summarize with AI

Chainlink (LINK) has had little success in claiming the $14 mark amidst recent headwinds that led the broader market to post devastating losses. The asset is, however, seeing renewed interest from large holders after a prolonged downturn, according to a new analysis from CryptoQuant.

LINK has fallen more than 53% from its August peak of $27 and returned to an important technical zone that often draws strategic buyers. Recent data indicate that this pattern is repeating, with a significant increase in whale activity on Binance.

Whales Rush Back

On-chain figures revealed a sharp rise in outflows from Binance, especially within the largest ten transactions, which are typically linked to whale movements. The data highlighted massive volumes of LINK being transferred from Binance to external addresses, a flow commonly viewed as a sign of accumulation.

These outflows have now reached a new monthly high, averaging around 3,150 LINK moving off the exchange each day. Several sessions also recorded spikes above this level, which signify the strength of the trend at a time when LINK is still struggling to recover from its August correction.

CryptoQuant stated that the return of Binance whales points to renewed interest and a rebuilding sense of confidence around the crypto asset. The analysis suggests that this increased accumulation may reflect early expectations of a “shift in market dynamics.”

Monthly Dev Rankings

Chainlink ranked third among the top projects by notable development activity over the past 30 days, according to the latest industry data shared by Santiment. The list tracks month-over-month changes in developer engagement and found that Chainlink slipped in rank compared to the previous month, despite maintaining a strong position overall.

Meanwhile, MetaMask’s mUSD secured the top spot, while Radworks’ RAD took second place with an upward move. Other projects in the top 10 included Internet Computer in fourth place, Hedera holding steady in fifth, and Cardano rising to sixth. Additionally, Starknet and DeFiChain also climbed to seventh and eighth, respectively, while DeepBook and Sui completed the list with declines.