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$LINK price was hammered in yesterday’s market-wide selloff, but whale accumulation and major exchange outflows suggest the dip may be fueling a rally to $28.
- $LINK price plunged nearly 12% to a low of $20.30, breaking below the key $21–22 support zone before rebounding.
- Whales bought over 800,000 $LINK during the dip, while 5.5 million $LINK were withdrawn from exchanges—signals of strong long-term conviction.
- $LINK price must reclaim $21–22 to stabilize, with upside targets at $23.10, $24.8, and $25.7, while $20 remains the critical support level.
Yesterday, amid a broader crypto market selloff that wiped out over $1.5 billion in leveraged long positions, Chainlink ($LINK) dropped sharply, declining almost 12% from the opening price of $22.96 to the intraday low of $20.30. This crash broke below the key horizontal support zone at $21–22, driving $LINK price down to test the $20 psychological level, which also aligns with the prior breakout area from July.
Apparently, whales saw an opportunity in the dip, with over 800,000 $LINK accumulated by large holders during the selloff, according to analyst Ali Martinez.
Over 800,000 Chainlink $LINK bought by whales in the recent dip! pic.twitter.com/g1nDZmXMZL
— Ali (@ali_charts) September 23, 2025
Martinez also reported that in the past day, approximately 5.5 million $LINK were withdrawn from centralized exchanges, which is usually interpreted as a signal of long-term conviction as tokens taken off exchanges are typically less likely to be sold in the near term.
What’s next for $LINK price?
The mix of whale accumulation and big exchange outflows shows a clear split between short-term price and longer-term investor confidence. In addition, a potential $LINK ETF approval by the U.S. Securities and Exchange Commission could serve as another major long-term catalyst.
From a technical standpoint, the immediate challenge for $LINK price now lies in reclaiming the broken support zone at $21–22, which now acts as resistance. The token is currently trading at $21.82, rebounding roughly 7.5% from yesterday’s intraday low.
A daily close back above this zone would be the first sign of stabilization, potentially opening the door to the 7-day SMA around $23.10. Beyond that, clearing the previous swing highs at $24.8 and $25.7 would strengthen bullish momentum and set up a possible retest of the $28 level, where the last major rally topped out in late August.
$LINK on the dip - Can $LINK price bounce back stronger? - 1">