Chainlink's recent recovery faced a fresh test after a whale transferred 198,300 LINK, worth roughly $2.3 million, to Coinbase. The tokens had been previously acquired from Cumberland, and the exchange deposit introduced sell-side supply as the asset's price pulled back from recent gains.
The transaction followed a weekly advance that saw LINK gain 22.82% over seven days. However, profit-taking pressure around recent highs caused the price to retreat, falling 3.04% over a 24-hour period.
Spot Outflows Counter Whale-Led Pressure
Despite the whale deposit, Chainlink recorded $8.35 million in spot net outflows, indicating that aggregate exchange withdrawals exceeded incoming supply during the measured period. This outflow figure was significantly higher than the whale's $2.3 million deposit, though the broader short-term supply picture remained mixed following large inflow peaks in August.
Meanwhile, derivatives data showed that Open Interest fell 6.35% to $670.45 million as the price moved lower. This decline suggested that traders were unwinding leveraged exposure rather than aggressively building up new positions during the pullback.
Key Price Levels to Watch
On the daily chart, buyers pushed the price toward the $12.345 resistance area before sellers pushed LINK back to $11.227. The Relative Strength Index (RSI) fell from approximately 88 to 72.21, reflecting a decrease in buying activity while remaining above the 70 threshold to keep overbought conditions relevant.
Market participants are closely monitoring the $10.693 breakout zone. Maintaining this level could keep Chainlink's structural breakout intact and allow buyers to challenge the $12.345 resistance again if selling pressure eases and exchange outflows persist. Conversely, losing the $10.693 support level would expose the $9.537 support zone, with deeper weakness potentially bringing $8.778 into focus.
