Chainlink (LINK) is seeing rising whale activity as large amounts of tokens move out of exchanges. Despite weak altcoin market conditions, this shift is gaining attention.
Crypto trader CryptoWZRD believes these movements could signal accumulation, which may impact LINK’s price in the coming weeks.
According to on-chain data shared by CryptoQuant analyst Darkfost, whale activity on Chainlink has been increasing, particularly when looking at the largest withdrawal transactions from Binance.
The data shows that two major daily peaks were recorded where more than 8,000 LINK were withdrawn in a single day among the top 10 largest transactions.
These large withdrawals are significant because whales moving tokens off exchanges can reduce immediate selling pressure. The trend is notable as it occurs while the altcoin market remains weak, suggesting whales may be preparing for future moves or anticipating long-term price growth.
However, analysts caution that past accumulation phases during this correction did not immediately shift market trends, so staying careful is still important.
Another important signal comes from the monthly average outflows from the top 10 whale transactions. Since mid-February, the average has increased from around 2,000 LINK per day to nearly 2,600 LINK per day.
This steady increase suggests that large holders are gradually increasing their activity and possibly building positions over time rather than making sudden moves.
Meanwhile, whale activity has already started impacting market activity. Chainlink trading volume jumped by around 46% in the last 24 hours, while the LINK price is currently trading near $8.82.
According to crypto trader CryptoWZRD, the daily chart shows indecision, with price moving sideways around current levels. A rise toward the $9.55 resistance could face selling pressure, and a drop below it may present a shorting opportunity.
Holding above $9.55 keeps bullish hopes alive, though momentum will take time to build. With low intraday volatility, traders are advised to wait for clearer price swings before making moves.
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