Chainlink (LINK) is trading near $10.85 after a quiet stretch for the broader cryptocurrency market. The token has spent recent sessions testing a narrow range, and traders are watching closely to see how it behaves around the $11 level. Market activity has been subdued across the board, and LINK's price action has reflected that lull, with the token moving inside a tight band rather than trending decisively in either direction. At the same time, attention has shifted on-chain, where tracking data has put the spotlight on one large holder moving a substantial amount of LINK off a major exchange.

Whale Pulls $612K in LINK From Binance

On-chain tracker Onchain Lens reported that a whale withdrew another 16,900 LINK from Binance, sending tokens worth approximately $181,640 to a multisignature wallet. According to the tracker, the November 7, 2026 transfer was the latest in a short series of withdrawals executed by the same address within a compressed window.

WHALE ACCUMULATES $612.55K IN LINK FROM BINANCE

A whale withdrew another 16.9K $LINK (~$181.64K) from Binance to their multisig wallet.

Total over 18 hours: 57K $LINK (~$612.55K) across four transactions.

pic.twitter.com/5tnw2Mk43T

— Onchain Lens (@OnchainLens) November 7, 2026
https://x.com/OnchainLens/status/2118914710561231288?ref_src=twsrc%5Etfw

Across four transactions in 18 hours, the wallet has withdrawn a cumulative 57,000 LINK, an amount worth approximately $612,550. All of the tokens have left the exchange and moved into private custody. Multisignature wallets require multiple approvals to move funds, a setup commonly used for added custody security.

What the Whale Withdrawals Show

Tokens held on an exchange can be sold quickly, while tokens stored in a private wallet are not as easy to trade on short notice. For that reason, traders often monitor large exchange outflows as a potential signal. The data, however, does not reveal the holder's intent. The withdrawals could point to long-term holding, but they could just as easily reflect a security measure or another reason entirely. More wallet activity would be needed to determine which motivation applies.

If the wallet continues pulling tokens off the exchange, the pattern would look increasingly like steady accumulation. If the tokens return to an exchange, that interpretation would change. Both outcomes are being tracked by on-chain watchers. Large outflows like these do not always translate into immediate market impact, which is why trackers typically wait for follow-up transactions before drawing firmer conclusions.

Technical Picture: A Test of the $10.70 to $11.00 Zone

On the daily chart, LINK is testing the $10.70 to $11.00 zone. That area acted as resistance during the recent recovery and now serves as support. The price is also trading below its shorter-term moving averages.

The nearest support sits at $10.71, while resistance is positioned at $10.97 to $11.00. A drop under support would put $10.35 in view, whereas a move above $11.00 would bring $11.69 into focus.

The Relative Strength Index (RSI) is near 40, a reading that shows weak momentum, with neither buyers nor sellers in clear control. The indicator sits below the neutral mark of 50, which separates bullish from bearish momentum territory on the scale.

Chart data points to a wider range if buyers take over. A hold above support could open a path toward $11.45 to $11.85, and a stronger advance could lead to the $12.00 to $13.00 area. On the downside, a clean break under $10.70 would weaken the chart. The next major demand zone sits between $7.50 and $8.00, an area marked as the next significant support on the chart.

Analysts Weigh In on LINK's Next Move

Analyst Investor Jordan pointed to a possible double bottom forming on the LINK chart. This pattern takes shape when price tests the same low twice and then stops falling, and he said it suggests selling pressure is easing. Based on that setup, Investor Jordan sees LINK rebounding toward $15, which from $10.85 would represent a gain of roughly 38%. He added that the pattern needs strong buying to be confirmed.

Investor Jordan also noted that LINK has held onto its gains better than many coins since the summer. A break of the support line would cancel the setup and the expected bounce.

Michaël van de Poppe offered a view based on timing. He said LINK has fallen for nearly 1.5 months since peaking in September, and he expects many traders to look for more downside.

This is a super interesting spot for $LINK .

It's been falling for nearly 1.5 months, since it peaked in September.

Expectations are that we'll continue to fall, but I honestly think that we'll be bottoming out within these weeks or have bottomed already.

That's where you'd… pic.twitter.com/wi6kd1Ub7J

— Michaël van de Poppe (@CryptoMichNL) November 7, 2026
https://x.com/CryptoMichNL/status/2119156180929126842?ref_src=twsrc%5Etfw

Van de Poppe said he believes LINK will bottom out within the next few weeks, or may have already done so. He described that kind of zone as the place where traders would look to accumulate assets like LINK.

Both analysts are examining the same price area from different angles. One is using a chart pattern, and the other is using the length of the decline. Neither says the move is confirmed yet. Taken together, the two views and the exchange-outflow data give market watchers three independent threads to weigh against the same quiet market backdrop: pattern confirmation, timing, and wallet behavior.

Chainlink's Work in Asia-Pacific

Chainlink has also been in the news for its work in the Asia-Pacific region. The project recently expanded its equities data streams for the area, an update that came out in the same period as the whale activity. Equities data streams deliver market information that developers can integrate into applications built on the network. As an oracle network, Chainlink supplies off-chain data such as asset prices to blockchain applications, so broader equities coverage widens the pool of market information developers in the region can build with.

For now, LINK is holding above $10.71 while the whale wallet remains the main on-chain story. The most recent data shows LINK near $10.85, with $11.00 as the first level buyers need to clear. The threads to follow from here are already defined by the data: the whale wallet's next transactions, the defense or loss of the $10.71 support line, and whether the strong buying Jordan said the double bottom requires shows up.

Source: CoinCentral