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LINK Chainlink Giant Whale ends 30 days of hoarding and transfers US$9.23 million worth of LINK to Coinbase arouses market attention
An important investor in Chainlink (LINK) known as the "Giant Whale", transferred 984,550 LINK tokens to the U.S. cryptocurrency exchange Coinbase after 30 days of hoarding. The deal, worth $9.23 million, marked the end of a period of relative calm and raised concerns that the token could face a massive sell-off.
Continuous hoarding before large transfers
OnchainLens, the online analysis platform, detected that the transaction came from the address "0xF5B007... 1d8A1". In the past month, the giant whale has continued to withdraw LINK tokens from the Binan Hot Wallet, and eventually obtained a total of approximately 2.41 million LINK. The recent transfer to Coinbase is only part of its total position, indicating that the investor's strategy has changed.
Despite the large outflow of funds, based on current market prices, the giant whale still holds approximately 1.43 million LINK, worth approximately US$13.43 million. On-chain data shows that unrealized net profit on its remaining positions is approximately US$1.42 million.
Technical Signals and Resistance Levels
The transfer occurred at a time when Chainlink's price structure was approaching a significant turning point. LINK has been trying to escape a long-term downtrend that has continued since its highs in 2024 and 2025. Recently, the token has gained support at a local bottom of around $6.35 and is approaching a potential trend reversal point.
At the time of the trade, LINK was facing strong resistance from its 200-day moving average of $9.4117. This technical barrier has become the focus of attention for traders, who are closely watching for potential breakthroughs or further declines.
Supporting token prices are the shorter term 23-day and 50-day moving averages, which are concentrated in the range of US$8.23 to US$8.48 and currently serve as dynamic support levels.
The momentum indicator shows a moderate bullish environment: The Relative Strength Index (RSI) is between 56.84 and 60.09, indicating that buyers remain strong, but increasing selling pressure near resistance levels may hinder gains.
Indicator: 200-day moving average, level: US$9.4117, meaning: key resistance level
Indicator: 23/50-day moving average, level: US$8.23 - 8.48, meaning: dynamic support level
Indicator: bullish, level: 56.84 - 60.09, meaning: moderate RSI
Indicator: local bottom, level: US$6.35, meaning: Short-term support
Market risks and future scenarios
The future direction of LINK may depend on the nature of the whale transfer. Analysts pointed out that if the $9.23 million LINK were placed directly into Coinbase's order book, the token could fall back to the support area of $8.20 to $8.50 due to increased supply and selling pressure.
However, if the transfer is an internal transfer or over-the-counter (OTC), the usual market impact may not be felt, and LINK may retain the opportunity to break the $9.4117 resistance level and hit the $10 psychological barrier.
Some market observers point out that as long as selling pressure at key resistance levels does not intensify, LINK's trend reversal can still be achieved.
