Chainlink Whale Moves $26M to Coinbase as Price Tumbles Below $12
A large Chainlink (LINK) holder moved approximately $26 million worth of tokens to Coinbase over the past month, sparking concerns about potential selling pressure. The whale transferred 2.41 million LINK tokens, originally accumulated through Binance, to the exchange in several deposits spread across weeks.
The move comes as Chainlink's price struggles below the key $12 support level, currently trading near $11.80. Crypto analyst Michaël van de Poppe identified a potential dip-buying zone around $10.50 for LINK, suggesting that a stronger Bitcoin could lead to increased buying interest in the token.
Despite the price weakness, Chainlink's network data shows resilience, with active addresses holding about 66% of their late August gains and new addresses peaking at 1,601 before settling at around 1,140. The platform has also seen a significant increase in its total transaction value enabled, crossing $30 trillion, and weekly CCIP volume surged 260% to $1.3 billion.