Large Crypto Withdrawal Involving 934,516 Chainlink (LINK) Sparks Curiosity

Chainlink LINKUSD, a decentralized oracle platform, has recorded a 15.33% loss in value in the last seven days amid broader market fluctuations. Despite that, ecosystem whales are busy accumulating the asset in what appears to be a "buy the dip" move, as 934,516 LINK exited Binance, sparking curiosity.

Whale accumulation sparks speculation of Chainlink price recovery

As spotted by Lookonchain, an on-chain analytics platform, the whale involved in this particular transaction used a newly created wallet. The multiple transactions totaled $16.94 million from Binance hot wallets.

The massive withdrawal from the exchange suggests that the whale intends to hold the asset rather than sell. This signals a bullish move as the withdrawal reduces the supply volume on Binance, which might create scarcity. Such a development could lead to a price uptick for LINK.

As of press time, Chainlink is changing hands at $18.44, which represents a 1.79% decrease in the last 24 hours. The coin has been trading between a range of $17.68 and $18.80 as the altcoin liquidity crunch hit the market.

This has also affected trading volume, which dropped by 24.5% to $866.39 million. With the crypto Fear and Greed Index dropping to 32, which is extreme fear, traders are channeling funds into Bitcoin.

Nonetheless, some members of the community believe that the current move by the Chainlink whale is strategic and deserves close monitoring. It is unclear if the LINK whale will stake the accumulated asset or leave it dormant.

Chainlink has been in a state of consolidation for some time now, and a breakout could see the asset reclaim its September levels. Notably, LINK was exchanging hands above $25 in September, and a recovery to those levels would mean significant profit to investors buying at the current market price.

Can Chainlink breakout toward $25-$28 range?

In July 2025, renowned analyst Ali Martinez predicted that Chainlink could soar as high as $28.

Although LINK witnessed a breakout, it only climbed to $26. Market participants are once again anticipating a rebound in price, particularly as the "Uptober" rally is still in play despite market fluctuations.

It is worth mentioning that LINK whales will have to step in for the asset to effect a huge recovery move to the $24-$28 price range. Such a scenario occurred in early August, when whale accumulation increased consistently for four consecutive days.