A wallet associated with FlowDesk transferred approximately 1.61 million Chainlink [LINK] tokens, worth $15.19 million, into the Binance exchange. This large inflow coincided with LINK’s price stabilizing after a period of weakness, drawing market scrutiny. The altcoin is now consolidating between $7.95 support and $9.60 resistance, having broken out of a multi-month descending channel. Meanwhile, derivatives data shows a strong bullish bias among top traders, with a long-to-short ratio of 3.01.
A wallet linked to FlowDesk transferred 1.61 million LINK, valued at $15.19 million, into Binance. This significant deposit introduces a potential supply variable as large transfers often precede liquidity repositioning.
The transfer’s timing coincided with LINK stabilizing after months of structural weakness. This context intensifies scrutiny around whether the deposited tokens will remain inactive or lead to selling activity.
LINK’s price has broken above its descending channel but has not yet produced a sustained rally. At press time, the price was stabilizing around $9.19, forming a consolidation range between $7.95 support and $9.60 resistance.
Buyers have consistently defended the $7.95 region, which previously absorbed downside pressure. Repeated tests of the $9.60 resistance level have so far failed to generate an upward expansion.
The Relative Strength Index (RSI) has gradually climbed, with press time readings at 50.43. This movement toward the neutral zone signals better market strength compared to its suppressed state during the downtrend.
Despite the exchange inflows, derivatives traders are positioned for potential upside. Data from CoinGlass shows 75.09% of top trader accounts hold long positions, producing a 3.01 long-to-short ratio.
The Binance LINK liquidation heatmap highlights a significant leverage cluster below the press time price, particularly around $9. This concentration, with liquidation leverage near 365.7k, acts as a liquidity magnet for the market.
