Chainlink (LINK) is witnessing a renewed surge in whale activity, marking one of its most intense accumulation phases in years. Large holders have been withdrawing millions of LINK tokens from centralised exchanges, signalling a strong shift toward long-term holding and potential bullish momentum.
According to recent on-chain data, a newly created wallet withdrew 490,188 LINK, worth nearly $9 million, from Binance over the weekend. Just a day earlier, the same address had already moved out 280,907 LINK. This single wallet now holds more than 771,000 LINK, valued above $14 million, with further purchases anticipated.
In a broader movement, 39 newly established wallets have collectively withdrawn approximately 9.94 million LINK, valued at around $188 million, from Binance in the past week. Earlier, the same group had transferred 6.2 million LINK (roughly $117 million) following the market dip, when LINK briefly fell to the $15 mark.
This coordinated whale activity reflects deep confidence in Chainlink’s long-term prospects, suggesting that influential investors view current price levels as a strategic accumulation zone.
Exchange Balances Drop to Two-Year Lows
On-chain metrics confirm the growing scarcity of LINK on centralised platforms. Data from Glassnode shows LINK’s exchange balance has plunged from 205 million to just 160 million tokens since April 2025, its lowest level since December 2022, following the FTX collapse.
The LINK Percent Balance on Exchanges metric now sits at a historic low, reinforcing the notion that most investors are moving their holdings to self-custody or cold wallets. This decline in exchange reserves typically correlates with reduced selling pressure, laying the groundwork for potential price appreciation.
Meanwhile, Chainlink’s Holder Accumulation Ratio has reached an impressive 98.9%, indicating that nearly all active wallets are currently net buyers. Such a high level of accumulation is often interpreted as a prelude to a significant market shift, particularly when coupled with reduced exchange supply and heightened whale engagement.
The Chainlink Foundation has also contributed to this trend, executing a buyback of 63,000 LINK (worth about $1.15 million) on 24 October 2025 as part of its strategic reserve expansion plan.
Technical Outlook: Breakout in Sight
At the time of writing, LINK trades around $18.22, showing signs of breaking out of a prolonged consolidation phase. Analysts suggest that a sustained move above the $20.19 resistance could confirm a bullish reversal pattern.
The short-term resistance zone lies between $19.20 and $19.70, with a psychological barrier at $20. A clear breakout above these levels could propel LINK toward $23.61, the next key Fibonacci target aligned with the third wave of the Elliott Wave structure.
If momentum continues to build, mid-term projections suggest LINK could test $46, reflecting nearly a 150% upside from current prices. This target aligns with the ongoing accumulation trend and the growing institutional interest in Chainlink’s oracle technology.
Fundamentals Strengthen Amid Institutional Adoption
Beyond on-chain dynamics, Chainlink’s expanding partnerships with major financial institutions are reinforcing its market leadership in decentralised oracles. The recent collaboration between S&P Global and Chainlink to develop a stablecoin risk rating framework underscores the protocol’s growing relevance in bridging traditional finance (TradFi) and decentralised finance (DeFi).
Institutional investors are increasingly recognising Chainlink as the backbone of blockchain data infrastructure, powering smart contracts across DeFi, gaming and insurance sectors. However, the project’s next challenge lies in converting technological dominance into broader token utility and sustained capital inflows.
Analysts argue that while Chainlink’s oracle network has achieved unmatched reliability, increasing real token demand, through institutional incentive programmes and enhanced retail engagement, will be critical for sustaining long-term growth.
As one market strategist noted, “The product is already a proven success. The next phase is about driving token demand and community participation. Given the team’s track record, they’re well-positioned to achieve that.”
Outlook: LINK Poised for a New Bull Cycle
Chainlink’s convergence of technical strength, whale accumulation and positive institutional developments suggests a pivotal moment for the token. With exchange supplies tightening and investor sentiment turning decisively bullish, LINK appears ready to reclaim its position as a leading force in the DeFi ecosystem.
If the current trajectory holds, analysts expect Chainlink to challenge the $23.61 resistance in the near term, with the possibility of reaching $46 in the medium term, reaffirming its dominance as the world’s premier decentralised oracle network.
