Chainlink’s LINK Climbs as Whales Accumulate $188M Following October Market Slump

Large token holders have withdrawn nearly 10 million LINK from Binance in recent weeks, signaling renewed investor confidence despite subdued trading volumes.

Chainlink’s native token LINK (LINK) rose 3% to $18.80 on Monday, extending its recovery as whale accumulation and improving technicals boosted sentiment following the early-October crypto correction.

According to CoinDesk Research’s technical model, LINK has established a pattern of higher lows near $18.10 and $18.42, reinforcing a short-term bullish setup. The token’s breakout above the key $18.70 resistance was accompanied by a spike in trading volume to 3.07 million, though total activity still trails the seven-day average by about 5% — a sign of cautious participation among larger market players.

Blockchain analytics firm Lookonchain reported that whales withdrew roughly 10 million LINK (about $188 million) from Binance since the October 11 market selloff, suggesting steady accumulation among deep-pocketed investors seeking exposure at discounted levels.

From a technical perspective, LINK now trades within an ascending channel that has remained intact since mid-2023. Strong support is identified at $18.24, with initial resistance forming around $18.70–$18.75. The next upside target sits at $20.04, while failure to sustain momentum could see the token retest the $18.10 support zone.

Despite its constructive chart structure, analysts caution that the advance’s light volume profile could limit near-term upside until institutional flows return. Still, whale activity and consistent higher lows indicate that accumulation pressure remains a defining theme for LINK heading into November.