Chainlink Whales Amass $38M Amid Downtrend as $20 Neckline Looms

Chainlink (LINK) is drawing renewed attention as a series of large on-chain movements indicate significant accumulation by both new and established holders. A single wallet has added $9 million worth of LINK since October 2025, bringing its total holdings to $14 million, while two major whale addresses have collectively amassed over $24 million in the token over recent months. These developments come amid technical indicators suggesting a potential price rebound toward $25, though market participants remain cautious given the asset's broader bearish trend, according to a Crypto.News analysis.

On-chain data reveals that 30 new wallets withdrew 6.25 million LINK ($116.7 million) from Binance since October 11, signaling strategic positioning by investors, as reported by Crypto.News. This activity aligns with broader patterns of accumulation, as two whale addresses—0xf386 and 0xe8aa—have each withdrawn over $1 million in LINK from exchanges like OKX and Kraken in recent days, per Lookonchain data. The 0xf386 wallet now holds 1.1 million LINK ($19 million), while 0xe8aa's holdings have grown to 307,684 LINK ($5.34 million) in the past month, according to a Bitcoinsistemi report. Such movements suggest long-term confidence in Chainlink's fundamentals, particularly its role in decentralized finance (DeFi) and real-world asset (RWA) integrations, the Bitcoinsistemi report added.

Technical analysis highlights a potential double-bottom pattern forming between $15.00–$15.70, with a breakout above the $20 neckline likely to trigger a rally toward $25–$26, the Crypto.News analysis notes. A critical test will come if the RSI (Relative Strength Index) also breaks its descending trendline, which could validate the bullish case. However, Chainlink remains in a medium-term downtrend, having fallen below its key descending trendline following a 20% plunge on October 10, as previously reported by Crypto.News.

Market reactions to recent whale activity have been muted. Despite a $2.4 million withdrawal from Binance by a newly created wallet, LINK's price stabilized at $17.47, with a 3.82% gain in the past 24 hours, according to a Currency Analytics report. Analysts note that large transfers often reflect internal liquidity management or security measures rather than direct market signals. Sergey Nazarov, Chainlink's co-founder, emphasized that such withdrawals "often indicate strategic positioning by larger holders but we haven't observed any direct tie to our ecosystem."

The accumulation trend underscores growing institutional interest in Chainlink, driven by its expanding use cases in oracle solutions and DeFi infrastructure, the Bitcoinsistemi report noted. Experts argue that whale buying could enhance price stability and lay the groundwork for a future uptrend, provided broader market conditions improve. Meanwhile, regulators and market participants are closely monitoring large transfers for insights into liquidity dynamics and systemic risks, the Currency Analytics report observed.

As the crypto market matures, isolated whale movements are less likely to trigger sharp volatility. Chainlink's ecosystem remains resilient, with active smart contract usage and institutional exploration of LINK ETFs and DeFi integrations, the Currency Analytics report added. However, recurring large withdrawals—especially from anonymous wallets—will continue to draw scrutiny as investors seek clarity on liquidity trends.

For now, the focus remains on whether technical indicators align with on-chain activity to confirm a sustained recovery. With LINK trading near its $20 neckline, the coming weeks could determine whether the asset breaks into a new bullish phase or faces renewed selling pressure.