Professional Newsroom Style (CoinDesk/Bloomberg Tone)
Chainlink’s LINK Climbs as Whales Accumulate $188M Post-October Market Sell-Off
Chainlink’s LINK token advanced 3% to $18.80 on Monday as on-chain data pointed to heavy accumulation by large investors following last month’s crypto market correction.
According to blockchain analytics firm Lookonchain, major holders have withdrawn roughly 10 million LINK tokens (valued near $188 million) from Binance since the October 11 downturn — a sign of growing investor confidence despite muted market activity.
LINK’s price structure has turned constructive, forming a series of higher lows at $18.10 and $18.42, according to CoinDesk Research’s technical model. The move above $18.70 resistance occurred on rising volume, suggesting a potential short-term breakout, though total trading activity remains 5.5% below the seven-day average.
Analysts note that LINK continues to trade within an ascending channel established in mid-2023. Strong support sits around $18.24, with resistance near $18.75–$20.00. A close above $18.75 could open the door to further gains, while a slip below $18.10 may expose the token to renewed selling pressure.
