Over the past week, whale activity has stirred the Chainlink [LINK] market, as a whale withdrew 594,998 LINK, valued at $17.31M, from Binance, including a recent 65,000 LINK withdrawal worth $1.81M.
This development has left traders speculating—are these moves indicative of long-term confidence or preparation for significant market activity? At press time, LINK trades at $24.63, reflecting a 9.11% decline in the past 24 hours.
Analyzing price momentum and resistance levels
At the time of writing, Chainlink was testing a crucial resistance zone between $24–$25, a level that has acted as a significant barrier in previous rallies. The MACD suggests that bullish momentum persists, though it appears to be losing strength.
Additionally, the ADX value of 41.52 highlights the strength of the current trend. If LINK can decisively break through this resistance, the next target is $30.99, a key psychological and technical level.
However, failure to maintain this momentum could result in a pullback toward $22, a zone of strong support.
Source: TradingView#BinanceAlphaAlert #MarketPullback #BinanceAirdropsCATandPENGU
