Key Takeaways

How are whales reacting to LINK’s decline?

Whales boosted holdings by 4.59% to 646M LINK, while Netflow turned –$7.62 million, showing strong spot accumulation.

What do derivatives suggest next for Chainlink?

Futures Taker CVD stayed bullish, Long/Short Ratio hit 3.38, and EMA20 at $20.3 remains key resistance.

Chainlink [LINK] faced a strong rejection at $20 after its short-lived breakout attempt. Since then, the token has fallen for three consecutive days, reaching a low of $17.70.

At press time, LINK traded at $17.98 — down 5.3% in 24 hours and 16.8% over the week.

Amid this, whales increased accumulation after the retracement from the September recovery.

LINK whales buy the dip

According to Nansen data, top holders boosted their balances by 4.59%, bringing total whale holdings to 646 million LINK. Whale balance changes stayed positive for four straight days, confirming steady accumulation.

On top of that, Onchain Lens recorded a single whale purchase of 934,516 LINK worth $16.92 million. Historically, accumulation at local dips has reflected confidence and mid-term bullish bias.

Furthermore, exchange activities further echoed this accumulation trend.

In fact, CoinGlass data showed LINK’s Netflow at –$7.62 million at press time, signaling rising outflows and strong spot accumulation pressure.