Chainlink Whales Accumulate 4M LINK: Bullish Signal?

**Whales Accumulate Over 4 Million LINK as Price Drops from $17.50 to Near $14**

Chainlink (LINK) holders, particularly large wallets, have added more than 4 million LINK tokens over the past two weeks, according to recent on-chain data. This accumulation occurred while the market price declined from above $17.50 to around $14.40, signaling potential positioning by bigger players during a broader market pullback.

### Significant Whale Activity Amid Price Decline

Wallets holding between 100,000 and 1,000,000 LINK increased their balances despite the weakening price trend. Ali, a market analyst, reported, “Whales have accumulated more than 4 million Chainlink LINK over the past two weeks!” This suggests that some large investors are taking advantage of the recent correction to strengthen their positions.

### Exchange Reserves Drop, Hinting at Off-Exchange Accumulation

At the same time, LINK reserves on centralized exchanges have decreased significantly. Data from CryptoQuant reveals that exchange-held LINK dropped from roughly 146.5 million tokens on October 31 to about 140.3 million by November 7—a decline of over 6 million tokens.

The withdrawal of tokens from exchanges often indicates longer-term holding intentions, reducing the immediate selling pressure in the market. When combined with whale accumulation, this trend can alter short-term supply dynamics. However, it’s important to note that this alone does not guarantee a price reversal.

### Momentum Indicators Remain Weak

Despite the whale activity, technical indicators continue to show bearish momentum for LINK. The token has lost 16.6% over the last seven days and declined 2.68% in the past 24 hours. Daily price charts reveal a clear pattern of lower highs and lower lows, reinforcing the current downtrend.

The Relative Strength Index (RSI) is hovering near 32.90, close to the oversold threshold of 30. This suggests that the market may be approaching a point where buyers could start stepping in. Meanwhile, the Moving Average Convergence Divergence (MACD) remains in negative territory with no bullish crossover signals, indicating that downside momentum persists.

### Market Outlook: Cautious Optimism Amid Uncertainty

The combination of whale accumulation and falling exchange reserves has sparked interest among traders and investors. While some view these signs as groundwork for a potential recovery, others remain cautious because the technical indicators have yet to confirm a trend reversal.

Ali emphasized, “Whales have accumulated more than 4 million Chainlink LINK,” but noted that short-term price movements will depend heavily on how LINK performs around current levels.

The market is closely watching for clear signs of stabilization or further declines. For now, traders should remain vigilant and consider both the on-chain activity and technical signals when assessing LINK’s next moves.
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