Chainlink (LINK) is showing signs of resilience as buyers defend a key support zone, while a potential double bottom formation points to a possible recovery. Meanwhile, whale activity is drawing attention after a large investor moved substantial LINK holdings from Binance to a private wallet. The developments highlight continued interest in LINK despite broader market weakness.
As of now, according to CoinMarketCap data, LINK is trading at $10.62, down 0.11% over the past 24 hours and 3.87% over the past week.
LINK Double Bottom Pattern Points Toward $15
According to crypto analyst Investor Jordan, Chainlink is showing relative strength despite continued selling pressure across the broader cryptocurrency market. The analyst noted that LINK has remained well above its summer lows, indicating that the token has held its ground better than many other digital assets during the recent market downturn.
Investor Jordan also highlighted a potential double bottom formation on LINK’s price chart. The pattern develops when an asset tests a similar support level twice and attracts buying interest on both occasions. It can signal weakening selling pressure as buyers attempt to establish a stronger price floor.
If the formation continues to develop and buying momentum strengthens, LINK could make another attempt to reach the $15 level. Such a move would require a sustained recovery and confirmation of the pattern. Renewed selling pressure, meanwhile, could weaken the support area and delay a potential rebound.
Chainlink Whale Withdraws $612K in LINK From Binance
The data from Onchain Lens also points to increased whale activity surrounding Chainlink, with a large investor accumulating tokens through multiple withdrawals from Binance. In the latest transaction, the whale transferred another 16,900 LINK, worth approximately $181,640, from the exchange to a multisignature wallet.
Over an 18-hour period, the same investor withdrew a total of 57,000 LINK, valued at approximately $612,550, through four separate transactions. The repeated transfers show that the whale has been steadily moving LINK holdings away from the exchange and into a privately controlled wallet.
Large exchange withdrawals can signal a shift in investor behavior, as holders may be moving their assets into private wallets instead of keeping them available for trading. However, these outflows do not necessarily indicate long-term accumulation, nor do they confirm that selling pressure across the market will decline.
The latest transactions add to the signs of interest from large Chainlink holders as market participants watch whale activity and technical indicators for potential changes in LINK’s price direction.
