A $2.3M whale transfer to Coinbase raises fresh selling concerns for Chainlink. LINK spot outflows reached $8.35M, outweighing the whale deposit and supporting broader demand. $10.693 remains
Chainlink — LINK, now faces a crucial test after a major whale transfer. A large holder moved $2.3 million worth of LINK to Coinbase. The deposit arrived as LINK pulled back from recent highs. The token had gained more than 22% within seven days. However, selling pressure has started challenging the recovery. Spot outflows still offer support, while falling leverage adds another layer. Traders now watch $10.693 for clues about LINK's next move.
https://twitter.com/CryptoAmb/status/2091512039361466556A Chainlink whale recently transferred 198,300 LINK to Coinbase. The tokens carried an estimated value of $2.3 million. The whale previously acquired the tokens through Cumberland. Moving such a large amount onto an exchange can raise selling concerns. Traders often monitor exchange deposits for signs of potential profit-taking.
The timing makes the transfer more important for LINK holders. Chainlink had just recorded a strong weekly recovery. LINK gained roughly 22.82% over seven days before the latest pullback. The token then declined 3.04% within 24 hours. Profit-taking appeared near recent highs as buyers struggled to maintain momentum.
The Coinbase deposit added another supply risk during the correction. However, one large transfer does not confirm broad distribution. The wider exchange flow data currently provides a more balanced picture. LINK recorded $8.35 million in spot net outflows during the period. Those outflows exceeded the whale's $2.3 million Coinbase deposit by a wide margin.
LINK recently climbed through the $9.537 and $10.693 levels. Buyers then pushed the token toward the $12.345 resistance area. Sellers eventually stepped in and forced price back toward $11.227. However, LINK continued holding above the $10.693 breakout zone. That level now carries major importance for the bullish structure. The daily Relative Strength Index also shows signs of cooling momentum.
RSI dropped from roughly 88 to 72.21 after the buying surge. The indicator remains above 70, keeping overbought conditions relevant. Still, the decline suggests buying pressure has eased from extreme levels. LINK can preserve the latest breakout if buyers defend $10.693. Holding above that level would keep the bullish structure intact. Buyers could then attempt another move toward $12.345.
Continued exchange outflows could strengthen that recovery attempt. Strong demand could also help absorb further whale-related selling. A break above $12.345 would provide another bullish signal. Such a move could confirm that buyers have regained control. However, LINK must first overcome the selling pressure near recent highs. Traders will likely watch volume alongside exchange flows during another breakout attempt.
