A Chainlink whale moved 1.62 million LINK tokens worth $14.8 million between wallets, signaling potential repositioning as the altcoin trades around $9.2 amid reduced market volume and significant whale order activity around that price level.
Chainlink [LINK] has traded within a narrow range between $8.5 and $9.9 over the past week, with $9.9 acting as upper resistance. As of this writing, LINK traded at $9.2 after rising slightly by 1.23% on daily charts, while its trading volume plunged 32% to $649 million, reflecting reduced market participation.
Amid this slowdown, whales have taken the opportunity to reposition themselves, awaiting the next move. Spot Average Order Size data from CryptoQuant showed significant whale orders around $9.2 for five out of the past seven days.
According to the on-chain monitor Lookonchain, a whale created 10 new wallets and withdrew 1.62 million LINK, worth $14.8 million, depositing these tokens into Flowdesk-related deposit addresses. The monitor reported that these tokens were not recently bought, but the whale was likely reorganizing wallets, an activity that typically has a neutral market impact.
Meanwhile, other large entities have been accumulating LINK, as evidenced by the Exchange Supply Ratio declining for two consecutive months to January lows, standing at 0.127 at press time. This low ratio suggests most tokens have flowed outside exchanges, increasing scarcity. However, sellers have remained active, with Exchange Netflow turning positive and rising to 101k, validating retail seller presence.
Chainlink showed moderate bullish momentum, with its Stochastic RSI jumping from 26 to 44 over two days, reflecting strong buyer determination. If demand holds while whales avoid sell-side activity, LINK could break out and reclaim $9.9, potentially flipping $10. Conversely, continued seller activity could lead to extended sideways movement between the $8.5 support and $9.9 resistance levels.
