Key Insights:
- Chainlink’s valuation draws attention as a wallet deposits 984.55K tokens onto Coinbase.
- Despite growing distribution worries, optimistic projections could provide support for the LINK price.
- The movement of nearly $9.23M worth of LINK into Coinbase elevates the possibility of near-term selling pressure.
Chainlink changed hands near $9.35 as a prominent whale deposited 984,550 LINK—valued at approximately $9.23 million—to Coinbase. This action followed a month-long accumulation phase where the same investor acquired roughly 2.41 million LINK at an average cost of about $8.40.
LINK hovered near the lower boundary of its $9.30–$9.62 daily trading range. Earlier in the session, the asset touched $9.60 before sellers wiped out those intraday gains.
Downward pressure intensified after LINK dipped beneath the $9.50 threshold. Subsequent efforts to spark a recovery in the $9.40–$9.45 bracket also failed to gain momentum.
Even so, the cryptocurrency posted a 12.6% advance over seven days and a 13% gain across a 14-day window. Furthermore, the token registered a 15.3% appreciation over the past 30 days.
Consequently, the current pullback arrives on the heels of a multi-week recovery for LINK, while large-scale wallet activity injected fresh selling-oriented volume into the market.
Whale Moves LINK After Month of Withdrawals
Records show that a major Chainlink investor withdrew approximately 2.41 million LINK from Binance over the preceding month at an average price of around $8.40. Just three hours prior to the latest update, this holder shifted 984,550 LINK to Coinbase.
Insights provided by Onchain Lense pegged the transaction value at $9.23 million. Following the transfer, the wallet retained a balance of roughly 1.43 million LINK.
With the altcoin trading near $9.40, the remaining stash carried an estimated worth of $13.43 million, maintaining an unrealized profit of approximately $1.42 million on the overall position.
Chainlink Derivatives Data
That balance equated to roughly a 12% return based on the reported wallet metrics. Concurrently, the derivatives market for LINK saw liquidations hitting both long and short positions.
Over a 24-hour period, total LINK liquidations mounted to $162,110. Short positions accounted for $91,490 of that total, whereas long positions made up $70,620.
Looking at the four-hour timeframe, however, liquidations leaned heavily toward leveraged longs. Total liquidations reached $8,150, with long positions responsible for about $8,080.
During that same four-hour window, short liquidations amounted to a mere $66.35. Meanwhile, over a 12-hour span, Chainlink registered $40,410 in aggregate liquidations, split between $19,420 in longs and $20,990 in shorts.
Standard Chartered Sets $200 Chainlink Price Target
On the fundamental front, Standard Chartered recently outlined a $200 price target for Chainlink by the year 2030. The financial institution also highlighted intermediate milestones of $13 for the current year and $133 further down the line.
This bullish outlook factors in an anticipated expansion of the tokenization sector from $340 billion up to $4 trillion by 2028, positioning Chainlink as foundational infrastructure for the tokenized asset economy.
Available metrics additionally indicate that Chainlink commands roughly a 70% share of oracle-dependent smart contracts instead of banks and brokers.">decentralized finance. At the same time, the network’s largest wallets have climbed to historic highs.
These whale addresses have continued to accumulate tokens even as the asset trades around $9.40 in the wake of its recent multi-week recovery.
