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Following
LINK Market speculation about sudden changes in Chainlink's positions
An important Chainlink holder broke the steady pace of accumulating LINK tokens and transferred 984,550 LINK (worth approximately US$9.23 million) to Coinbase. The strategic move ended a month-old pattern of quietly attracting funds at the address and triggered discussions in the market about a possible sell-off, which could affect price stability.
Why did the strategy shift?
Blockchain analysis firm OnchainLens monitored this trend and traced coins transferred from the whale wallet labeled "0xF5B007... 1d8A1". In the past month, the giant whale has absorbed approximately 2.41 million LINK directly from Binance's hot wallet. However, this time only part of the position was transferred to Coinbase, implying a possible change in strategy.
After this transfer, the giant whale still holds approximately 1.43 million LINK, or approximately US$13.43 million based on current value. On-chain data shows that despite the transfer, the investor currently holds an unrealized profit of approximately US$1.42 million on the remaining positions.
Is the resistance level worrying?
Indeed, Chainlink's price dynamics suggest it is testing key resistance levels. Since its highs in 2024 and early 2025, the cryptocurrency has been trying to escape a long-term downward trend. Currently, LINK is gaining some support near the recent local low of $6.35, suggesting a possible trend reversal.
The 200-day moving average ($9.4117) poses an important technical hurdle. Traders are watching closely whether LINK breaks through that level or will fall back under selling pressure. At the same time, the short-term moving average provides dynamic support in the range of $8.23 to $8.48.
The momentum indicator showed a moderately bullish trend. The RSI showed that buyer interest continued, but the resistance level was not easy to break through. These signals are intertwined, leaving room for market interpretation.
200-day moving average: US$9.4117 (resistance level)
23/50-day moving average: US$8.23 - 8.48 (dynamic support)
RSI: 56.84 - 60.09 (moderate bullish)
Local lows: US$6.35 (near-term support)
LINK Subsequent trends largely depend on the purpose of this shift of the giant whale: Is it a sign of an upcoming market sell-off, or is it a strategic adjustment such as over-the-counter trading? If these LINKS are for Coinbase's trading activities, they may challenge prices near $8.20 to $8.50 due to increased supply pressure. However, an undisclosed over-the-counter transaction could help LINK try to break through key resistance levels and move towards $10.
Discussions around a potential reversal in Chainlink focus on whether selling pressure will weaken near key resistance levels.
