Chainlink Price News: Whales Move $180M Worth of LINK to Cold Storage – Big News Coming?

Chainlink (LINK) has stood below the $19 level for more than a week as the token has been unable to fully recover from the hit it took during the October 10 ‘Black Friday.’

However, whales have been accumulating millions of dollars worth of LINK in the past few weeks, possibly as they are positioning for a big upcoming move upwards.

Lookonchain Official X Account – Source: X.com

The on-chain analytics plastform Lookonchain has been tracking whales’ accumulation of LINK in the past few days, and recently shared an X post stating that a total of 39 wallets have withdrawn $188 million worth of tokens from Binance since the flash-crash.

This is a clear indication that a handful of deep-pocketed investors are expecting that the price will experience a strong jump shortly.

When whales withdraw assets from exchanges, it means that they are ready to hold on to them for the long term, and could be moving these tokens to cold storage. This reduces the circulating supply and typically results in some upward pressure on the price.

Chainlink has been experiencing a wave of positive momentum lately after the project was tapped by the United States federal government to make economic data available on chain.

Through its multiple blockchain-based solutions, including price oracles and data feeds, Chainlink is progressively becoming the go-to bridge that institutions will use to tokenize assets and bring real-world data to the blockchain space.

Chainlink’s Footprint in the Crypto Space Remains Strong

Recently, the head of Chainlink, Sergey Nazarov, attended and spoke at a Payments Innovation Conference hosted by the Federal Reserve. This is considered a landmark moment for the project that could raise the financial industry’s awareness of what Chainlink has to offer.

It also emphasizes some growing interest from the U.S. central bank in decentralization and what it can mean for the financial system.

Chainlink has been progressively investing to build a LINK reserve. This initiative is still rather small at $10.8 million, as it is primarily funded by the project’s off-chain revenues. Nonetheless, this ongoing effort results in more and more tokens being locked up, which also contributes to reducing the circulating supply.

Total Value Secured (TVS) by Chainlink – Source: Chainlink Official Website

Moreover, the project’s total value secured (TVS), a measure of the total amount of assets that are held in its cross-chain solutions, exceeded the $100 billion mark for the first time since September this year.

This underscores the project’s growing reach and influence in the blockchain space, providing the most effective interoperability solutions to bridge the gap that exists between so many different blockchains.

LINK Bounces Off $16 Ahead of FOMC Meeting

We have been tracking LINK’s movements for a while now, after successfully predicting that the token would reject a move above its long-dated trend line resistance.

LINK/USD Daily Chart (Coinbase) – Source: TradingView

Now, the token has bounced off the $16 support, and could take another try at $25 soon if it manages to climb past the 200-day exponential moving average (EMA).

The Relative Strength Index (RSI) is still on a downtrend, meaning that the most likely outcome would be a move below $16. However, this week’s FOMC meeting could change everything.

If the Federal Reserve cuts rates as expected, market sentiment should improve, and that could favor a bullish move for altcoins again. Although this is what the market expects, the latest decisions from President Donald Trump on the trade front introduced some degree of uncertainty.

Hence, if the 25bps rate cut is implemented as planned, LINK and most altcoins could experience a strong boost in the near term.