Surge in LINK Withdrawals: The Growing Trend of Adding More Chainlink

Key Points

• Large investors are buying Chainlink (LINK) once more, with significant withdrawals from Binance.
• Market analysts view these movements as a growing confidence in Chainlink’s long-term potential.

As we enter the final week of October, significant investors are resuming their purchase of Chainlink (LINK).

Recent on-chain data reveals that 39 newly created wallets have collectively withdrawn 9.94 million LINK tokens from Binance. These tokens are valued at approximately $188 million, and they were withdrawn following the market dip on October 11.

Chainlink’s Long-Term Potential

These withdrawals imply that major holders are betting on LINK’s long-term potential. They are moving tokens off exchanges for safekeeping.

Additional data from Bitget supports this trend. One wallet recently withdrew 1.619 million LINK (valued at $28.39 million), while another newly created wallet withdrew 998,000 LINK (worth $18.33 million) within the last 24 hours.

These addresses have collectively withdrawn 2.617 million LINK (about $46.72 million) over the past nine days at an average price of $17.8. It’s likely that these addresses are linked to the same entity.

Increasing Confidence in Chainlink

Market analysts interpret these large movements as a sign of growing confidence in Chainlink’s long-term potential. They believe the network is emerging as a key layer for DeFi, real-world asset tokenization, and enterprise blockchain integration.

Data from Glassnode shows that the Holder Accumulation Ratio has reached 98.9%, which means nearly all active holders are adding more LINK. As more tokens leave exchanges, it suggests that investors are choosing to hold long-term rather than sell.

This sentiment has boosted investor activity on October 27. The token currently trades at $18.56, up about 3% in the past day.

On the daily chart, LINK is hovering near the middle Bollinger Band (20-day SMA), hinting at a consolidation phase. A breakout above the upper band at $21.45 could lead the token to the $22-$24 zone.

The RSI remains neutral but is trending higher, suggesting growing buying interest. However, traders should watch for support around $17, a fall below which could send LINK to $15.30.

A popular crypto trader noted that LINK has been forming a bullish flag pattern since August. He projected a possible breakout to $35 for LINK in the near term.