Whales Accumulate Chainlink Amid Historic Drop in Exchange Holdings

Jakarta, Pintu News – Chainlink (LINK) managed to recover after plummeting with the crypto market, and is now back as one of the preferred crypto assets among major investors. The popular oracle network token was briefly trading at around $21.83, up about 2.2% as of September 23, 2025.

Whale Accumulating LINK

On September 22, the price of LINK had fallen 8% following the general downward trend of the crypto market, almost breaking the $21 level. This correction has reduced its market capitalization by about $1 billion, now hovering around $14.8 billion.

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However, the whales took advantage of the momentum to buy at the lower price. Based on the on-chain data shared by analyst Ali Martinez, more than 800,000 LINKs were added to their portfolios.

In addition, data from CryptoQuant showed the number of LINKs on crypto exchanges fell to an all-time low, signaling that more investors are opting for self-custody.

Martinez also noted that about 5.5 million LINKs were pulled out of the exchange on September 22.

LINK’s Next Price Outlook

On the daily chart (23/9), LINK is trading near the lower Bollinger Band around $21.35, which acts as the closest support. If the price breaks below this level, further downside opportunities could open up.

On the contrary, if the price is able to rebound and break the mid band (20-day SMA) around $23.32, there is a potential for a bullish breakout.

The RSI indicator is currently in the neutral zone, indicating that LINK has not entered the overbought or oversold area. If the RSI moves up, it could signal that bullish momentum is starting to strengthen. Important resistance levels are around $23.5, and if broken, the price has a chance to shoot sharply towards $30.

Meanwhile, the MACD line is well below the signal line with a negative histogram, indicating bearish pressure is still dominant. For traders looking for buying opportunities, a strong support area needs to be watched at around $20.80.

Read also: Crypto Whales Reel as Panic Selling Leads to Heavy Losses in September’s Market Turmoil

Analysts Predict LINK’s Big Moves

Although the price of LINK has experienced volatility, analysts remain optimistic about its long-term prospects. Crypto trader NL through his post on X mentioned that LINK seems to be preparing to head towards the $30 level.

He also thinks that the token has the potential to experience a significant surge, with a long-term price target that could reach up to $100.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Coinspeaker. Whales Go Crazy as Chainlink (LINK) Exchange Reserves Hit All-Time Low. Accessed on September 24, 2025