Chainlink (LINK) Whales Withdraw $36M of Tokens Ahead of Potential Breakout to $25

Chainlink is showing strength again, with whales withdrawing over $36 million in LINK from exchanges and signaling a potential move toward $25.

Chainlink (LINK) has been making headlines recently due to substantial whale activity. As reported by Finary, data from blockchain analytics firm TokenGlass reveals that 15 new wallets have withdrawn a total of over $36 million in LINK from Binance.

These new wallets, each holding between 88,000 and 263,000 LINK, suggest a concentrated accumulation by large investors. Furthermore, the last time such a large amount of LINK was withdrawn from Binance was in March 2024, highlighting the significance of this move.

In the past month alone, more than $120 million in LINK has been moved off exchanges, indicating a shift towards long-term holding strategies and reduced selling pressure.

Technically, LINK has now broken out of a descending wedge pattern, a bullish indicator, with the next resistance level lying at $15.22. A break above this level could propel LINK towards $20 or even $24, setting the stage for substantial gains.

However, if LINK fails to break through the descending wedge and remains range-bound, it may result in a period of consolidation, setting the stage for another attempt at a breakout later.

Despite the market downturn, several altcoins have shown resilience and potential for recovery in the second half of 2024. Among them, Pi Coin (PI) has been slowly recovering from its March lows, although it is still down around 60% from all-time highs reached in late 2021.

Pi Coin is currently trading at $0.6332, remaining in a tight range between $0.62 and $0.66 after a quiet session. The price failed to build on recent gains as it encountered resistance around $0.64, pivoting back down.

A wider view on the chart shows a long downtrend from March to early April, followed by mild recovery and flat movement. Support remains firm between $0.58 and $0.60, while resistance near $0.68 to $0.70 continues to block upward momentum.

If bulls manage to push Pi above $0.68 today, the next target would be around $0.72. On the downside, a break below $0.64 could bring a drop to $0.61, or even back to $0.59 if pressure builds.

Technical indicators are mixed. The MACD is still negative, the Ultimate Oscillator is weak, and volume has dropped more than 30%. However, the Rate of Change remains positive, offering some hope for a near-term breakout if momentum returns.