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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Chainlink Holders Accumulating Amid CCIP Upgrade: Is A LINK Breakout Imminent?

Dalmas Ngetich
Dalmas Ngetich
11 months ago
2 mins read
Chainlink LINK price SWIFT partnership

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Chainlink is the leading middleware, linking on-chain dapps with external data securely. While the platform is critical in many crypto sectors, especially DeFi, LINK has recently struggled for momentum.

LINK Holders Moving Tokens From Exchanges: Are They Accumulating?

However, on-chain streams from IntoTheBlock reveal that more holders are moving tokens from top exchanges like Binance and Coinbase. In a post on X, the analytics platform observes that exchange flow over the past month has been negative, signaling sustained withdrawals.

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Usually, whenever tokens are moved from exchanges, it could indicate that owners are confident of what lies ahead. Since LINK, the ERC-20 token, is supported by many DeFi protocols, it could suggest that holders are interested in engaging with these dapps, possibly earning passive income.

LINK exchange withdrawals | Source: @intotheblock via X
LINK exchange withdrawals | Source: @intotheblock via X

The more transfers from centralized ramps, the higher the likelihood of prices expanding in tandem, which is a net positive for LINK bulls. According to Etherscan, Chainlink has a top supply of 1 billion LINK distributed to 721,996 unique addresses when writing on October 23.

LINK holders | Source: Etherscan
LINK holders | Source: Etherscan

These holders have, in turn, moved LINK over 15.8 million times. A level deeper, onchain data reveals that Binance controls more than 4.2% of the total supply. LINK under their control exceeds $479 million at spot rates.  

Chainlink Building: Will Price Break Above $20?

With IntoTheBlock data pointing to net outflows from exchanges, there is a chance that LINK will find support and resume the uptrend of the past few trading days. LINK has resistance at $12.3, and a double bar bear formation is printing out following the dip of early today.

Chainlink price moving downward on the daily chart | Source: LINKUSDT on Binance, TradingView
Chainlink price moving downward on the daily chart | Source: LINKUSDT on Binance, TradingView

 

However, even if prices break higher, rejecting bears, bulls must decisively expand above the double top at around $13. The eventual spike will open the door for LINK bulls to create a solid base for a rally to $20.

The pace of this growth depends on how top altcoins, including Ethereum, perform. If Ethereum prices recover, soaring above $3,000, it could reinvigorate DeFi and NFT demand, lifting LINK.

Beyond this, price drivers will include the team’s progress. Yesterday, October 22, Chainlink Labs launched the Cross-Chain Interoperability Protocol (CCIP) Private Transactions. This feature enables data privacy without violating existing laws guarding cross-chain transactions.  

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SUI To Face Another Pullback Following 5.3% Dip, Analysts Forecast 30% Correction

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The solution uses the middleware’s Blockchain Privacy Manager. This way, partner banks and other financial players can securely connect private chains with other ledgers whenever they share sensitive information.

Feature image from DALLE, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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