LINK price fell below $12 as giant whale deposited $26 million on the exchange

Key Highlights

Key Support and Resistance Areas

Cumulative online transaction volume exceeded the US$30 trillion milestone

Major holders have deposited 2.41 million LINK tokens to Coinbase in the past month (Worth approximately US$26 million)

LINK prices fell below key US$12 support, Currently hovering around US$11.80.

Online active addresses retain 66% of the increase in late August.

The cumulative transaction value of the platform exceeded US$30 trillion. CCIP weekly trading volume surged 260%

Forecasting platform World chose Chainlink as a Solana-based market data provider, attracting more than 1 million people to join the waiting list

On-chain analysis: Huge amounts of LINK transfers to exchanges have attracted attention

Blockchain data analysis traced a significant Chainlink wallet transfer: In the past month, the address transferred more than $26 million worth of LINK tokens to Coinbase. According to Onchain Lens data, approximately 2.41 million LINK tokens were deposited at the address, which were originally obtained through Binance.

Is the giant whale selling Chainlink (LINK) worth US$26 million? According to @OnchainLens, an anonymous giant whale has sent @Chainlink $LINK tokens worth more than $26 million to the @Coinbase exchange. Specifically, the 2.41 million tokens were sent in batches over the past few months.

Although exchange recharge usually signals potential selling pressure, this does not necessarily mean a liquidation plan. Holders may relocate assets for safety purposes or rebalance their portfolios. Since transfers are made gradually over several weeks, this reduces the immediate market impact to a certain extent.

Price Trend and Technical Analysis

The LINK token rose sharply by about 86% from a July low of about US$7, only a few days ago reaching a peak of nearly US$13. However, recent markets have shown increased bearish momentum, pushing prices below the $12 mark. Currently, the token is trading for approximately US$11.80.

Trading analyst Michaël van de Poppe (@CryptoMichNL) identified two strategic entry areas for LINK. He pointed out that if Bitcoin experienced downward fluctuations, he would buy LINK below $10.50, describing it as an "already strong target." Van de Poppe emphasized that this price point is an attractive accumulation opportunity.

Key Support and Resistance Levels

Market participants are paying close attention to several key price thresholds. $10.80 is the current immediate support level. If selling pressure continues,$9.80 will become the next support floor, while $8.80 marks a deeper correction area. To regain its bullish momentum, LINK must regain its $12 level before attempting to retest its recent $13 high.

On-chain indicators reveal the intrinsic strength of the network

Although the price trend appears to be weak, on-chain indicators reveal the strong strength of online underlying. The number of active addresses climbed from 3,599 in early August to a peak of 5,572 and is currently stable at 4,821. This Retention rate represents approximately 66% of the initial surge. The number of new addresses has returned to about 1,140 after reaching 1,601.

Sanitation's analysis showed that Chainlink's address expansion exceeded Solana (up 7.5%) and Ethereum (up 5.2%) over a comparable period of time, indicating the growth momentum unique to the network.

Ecological Milestones and New Partnerships

The Chainlink ecosystem has achieved a milestone of US$30 trillion in cumulative enabled transactions, representing continued growth over the years. Weekly transaction volume of the Cross-Chain Interoperability Protocol (CCIP) surged 260% to $1.3 billion, demonstrating a trend towards accelerating adoption of its interoperability solutions.

In terms of platform cooperation, Prediction Markets World has launched a native product based on Solana, and its waiting list has more than 1 million potential users. The service leverages Chainlink Data Streams and Chainlink Runtime Environment to facilitate automated billing in markets covering sports, elections, merchandise and weather events.

LINK is currently trading at around $11.80, below the important $12 support area, and market observers are focusing on the next key test level of $10.80.