Chainlink (LINK), the token underpinning a decentralized oracle network that supplies external data to blockchains and smart contracts, has drawn renewed market attention after a large whale withdrew approximately $612,550 worth of tokens from Binance across four transactions within 18 hours. The activity comes as the LINK price attempts to stabilize following a broader cryptocurrency market downturn. Separately, crypto analyst Investor Jordan has identified a potential double-bottom formation, suggesting the token could recover toward $15. Together, the whale withdrawals and improving chart patterns have placed Chainlink's market structure under closer scrutiny.

Whale Moves 57,000 LINK Off Binance

According to on-chain monitoring platform Onchain Lens, the large holder withdrew a further 16,900 LINK, worth approximately $181,640, from Binance to a multisignature wallet — an address type that requires multiple approvals to move funds and is commonly used for added custody security (source: Onchain Lens on X). The transaction added to the whale's recent activity, bringing total withdrawals to 57,000 LINK within 18 hours.

The accumulated withdrawals occurred across four separate transactions, representing approximately $612,550 in value. Large transfers from centralized exchanges often attract attention because they can provide insight into investor positioning. However, these movements alone cannot confirm whether the holder intends to accumulate or retain tokens long-term.

Withdrawals Raise Accumulation Questions

Moving LINK from an exchange to a private wallet may indicate an intention to hold the tokens rather than keep them immediately available for trading. If similar withdrawals continue, market participants could interpret the activity as growing confidence among larger holders despite recent cryptocurrency market weakness.

That said, exchange withdrawals do not necessarily mean investors have taken a bullish position. Transfers can also be made for security or other reasons. Additional wallet transactions and changes in exchange balances will be needed to determine whether this constitutes genuine accumulation.

LINK Tests Support as Momentum Stays Weak

Chainlink's technical framework remains under stress despite the recent whale activity. LINK is currently trading around $10.85, while the relative strength index (RSI) — a momentum gauge read on a scale from 0 to 100 — hovers near 40, below the midline that separates buying pressure from selling pressure, signaling an absence of strong momentum.

The nearest support sits at $10.71, with resistance visible around $10.97–$11.00. A break below support would put LINK on course for roughly $10.35. Conversely, a move above $11 could shift the short-term outlook and bring the next resistance at $11.69 into view.

Analyst Flags Double Bottom With $15 Target

Analysis by investor Jordan offers a more constructive outlook for the asset despite the broader market correction. In the analyst's view, LINK remains among the few coins showing significant gains relative to its performance in the summer (source: Investor Jordan on X).

Investor Jordan identified a possible double-bottom formation on the chart — a structure built from two troughs at similar price levels that traders typically read as a sign of fading downward pressure — suggesting that selling pressure is diminishing. Based on the pattern, the analyst predicts LINK could rebound to around $15, though the formation must be validated by strong buying pressure.

From around $10.85, a move to $15 implies a rally of approximately 38%. The target therefore reflects a broader bullish outlook rather than a near-term price expectation. A break of the support line would invalidate the pattern and the expected bounce.

What Comes Next for LINK

The key variable ahead is whether large investors continue withdrawing LINK from exchanges. Further transactions from the same wallet would reinforce the accumulation narrative, while fresh deposits back to exchanges could alter how the activity is perceived.

Technically, a recovery above $11 could signal renewed buyer strength, and further gains toward $11.69 would strengthen the recovery structure. A break below $10.71, however, would open the door to additional selling pressure on LINK.

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.

Source: Tron Weekly