Chainlink Pulls Back Amid Whale Activity and Stronger Market Demand

Chainlink's price has pulled back after a significant whale moved $2.3 million worth of LINK to Coinbase, adding sell-side pressure. Despite this, the broader market saw net spot outflows of $8.35 million, indicating stronger overall demand as withdrawals exceeded deposits.

Open Interest fell 6.35%, suggesting traders are reducing leveraged positions, which may limit volatility in the short term.

The critical $10.693 support level remains key to maintaining Chainlink's recent breakout, with potential to retest $12.345 if buying resumes. Losing this support could expose lower levels around $9.537 and $8.778.