• Chainlink has accumulated over $188 million from institutional investors, reflecting renewed market confidence.
• Whale withdrawals from exchanges suggest staking activity linked to CCIP and DeFi adoption.
• Analysts predict a bullish breakout as LINK nears key resistance, targeting the $22–$23 zone.

Chainlink is making headlines as institutional investors continue to accumulate large amounts of LINK, showing growing confidence in the project. This comes as interest in Chainlink’s cross-chain solution rises, particularly in its adoption within the DeFi. Analysts believe the token could soon break higher, signaling the start of a strong bullish run.

At the time of writing, Chainlink is trading at $18.33 with a 24-hour trading volume of $1.57 billion and a market capitalization of $12.87 billion. LINK price increased 1.01% in the last 24 hours.

Chainlink Whales Accumulate $188 Million to Drive Growth

According to the data from Bitcoinsensus, large investors are once again accumulating Chainlink (LINK), signaling renewed confidence after the October market crash. On-chain data shows 39 new wallets withdrew 9.94 million LINK ($188M) from Binance since October 10th. Such aggressive accumulation often hints that smart money is positioning ahead of major developments.

The withdrawal activity implies that whales are removing tokens from exchanges for staking purposes rather than for trading. This activity has been linked to the increasing interest in Chainlink’s Cross-Chain Interoperability Protocol (CCIP) and its adoption in the DeFi space and the tokenization of real assets. With supplies diminishing, a bullish setup could be brewing for LINK.

Also Read | XRP’s Bullish Surge: Can It Break $2.64 and Target $2.88?

Chainlink (LINK) Chart Signals Major Move Toward $35

Moreover, the crypto analyst, Don, revealed that Chainlink (LINK) is presently ranging inside a descending channel, distinguished by a red lower boundary line and an upper white resistance line. Subsequent to the recent pullback from the lower red line, it would seem that LINK is gaining strength for a possible breakout. The considerable pullback from the Black Swan incident implies market resilience.

This setup implies that there is a bullish pattern developing, given the pressure on the upper level of resistance. With a strong breakthrough above the white line, there could be a major advance, with the new target level set for around $22-$23. Such an outcome would fortify the bullish view, paving the way for the next phase upward for LINK.

With increasing strength and gathering pace, LINK is poised to rise further towards the targeted level of $35. The green trajectory on the chart reflects the positive outlook, where a smooth transition marked by growing strength and a market direction shift has resulted in a rising pattern.

Also Read | Bitcoin Cash (BCH) Set for Breakout With $595 Resistance in Sight