Chainlink: Analyzing the Price Impact of Whale’s $2.95M Withdrawal 📊

📉 Chainlink ( $LINK ) has seen a pullback after hitting a recent high of $30.49, dropping to a low of $27.49. Currently trading at $28.22, LINK is down 3.02% on daily charts but still up 97% this month, signaling ongoing bullish sentiment.

🐋 Whale Accumulation: A Chainlink whale has withdrawn 100,000 LINK worth $2.95M from Binance in the past 24 hours. Over the last three days, this whale accumulated 529,999 LINK (worth $15.5M). According to IntoTheBlock, whale activity has surged 41.5%, showing rising participation and long-term holding intentions.

📊 Positive Market Signals: The Large Holders Netflow Ratio remains negative, indicating outflows from exchanges, which reduces selling pressure. Rising whale hoarding paired with increased scarcity—reflected in Chainlink’s Stock-to-Flow Ratio (SFR) spike to 1618.48—supports bullish conditions.

🔥 Impact on LINK: While LINK has dipped short-term, continued accumulation and reduced liquidity could drive prices higher. If bullish sentiment holds, LINK could reclaim $30 and target $32.2. However, a stronger daily chart decline may test support at $26.9.

🚀 With whales accumulating and scarcity rising, Chainlink’s long-term outlook remains promising. 📈🐳