Whales Accumulate LINK as Exchange Reserves Hit ATL

Core Insights - Chainlink has rebounded after a market drop, currently trading at approximately $21.83, reflecting a 2.2% increase in the past day [1] - On September 22, LINK experienced an 8% decline, resulting in a market cap loss of around $1 billion, now estimated at $14.8 billion [1] Investor Behavior - Large investors, referred to as whales, took advantage of the dip by acquiring over 800,000 LINK tokens [2] - LINK exchange reserves have reached an all-time low, indicating a trend towards self-custody among investors, with approximately 5.5 million LINK withdrawn from trading platforms on September 22 [2] Price Analysis - LINK is currently near the lower Bollinger Band at $21.35, which serves as immediate support; a drop below this level may lead to further declines [3] - A rebound above the mid band (20-day SMA) at $23.32 could signal a potential bullish breakout [3] Technical Indicators - The RSI indicates a neutral position, suggesting LINK is neither overbought nor oversold; an increase in RSI could indicate growing bullish momentum [4] - Key resistance is identified around $23.5, with a potential rally to $30 if this level is surpassed [4] - The MACD shows continued bearish pressure, with the line below the signal line and a negative histogram; support is noted around $20.80 [4] Long-term Outlook - Analysts maintain an optimistic view on LINK's long-term price trajectory, with expectations of a move towards $30 and a potential target as high as $100 [5]