A significant surge in Chainlink ($LINK) price has been observed following the recent market correction, with 30 wallets withdrawing $116.7 million worth of LINK from Binance. This activity suggests strong accumulation and a shift of tokens towards long-term holding by high-value investors. Data reveals that a large group of wallets collectively transferred 6.25 million LINK from Binance on October 11, following the market drop.
Analysts attribute this upward trend to increased DeFi applications and rising institutional interest. On-chain data indicates these withdrawals are part of a larger bullish trend observed over the past week, with large wallet activity including $2.4 million and $16.94 million LINK transfers. These consistent large transactions point to growing confidence in Chainlink’s long-term value.
The $LINK price has surged by 10% in the past 24 hours after breaking above key resistance and reversing a bearish trend. Market analysts highlight this as an indication of strong accumulation, suggesting a reduced likelihood of short-term selling pressure. This is further supported by recent whale activity, with another large wallet transferring 142,428 LINK worth $2.4 million from Binance on October 19.
Overall, Chainlink’s price rebound shows potential for continued growth. As of today, the LINK price trades at $18.78, reflecting a 10% daily gain and breaking above resistance levels. The next target areas for the price include $20.00 and the $23.50–$23.70 resistance range. Maintaining price above the $18.50 level is crucial to encourage continued buying interest.