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- New wallets, including 0xbBF5, accumulated large amounts of Chainlink from Binance, contributing to a 132% surge in daily trading volume.
- A 16.5% rise in LINK futures open interest to $718 million signals strong bullish sentiment.
Chainlink (LINK) leads the broader crypto market recovery today with a sharp 12% upside and is currently trading at $18.80 as of press time.
Apart from LINK, other altcoins have also staged a strong recovery, with Ethereum (ETH) up 5.5% with other market players like BNB, Solana (SOL), XRP, gaining by a similar magnitude.
Chainlink (LINK) Price Jumps Amid Whale Accumulation
The LINK price has seen a sharp jump, gaining more than 12% amid strong whale activity for the altcoins over the past weekend. On-chain data shows that a new wallet, 0xbBF5, withdrew 400,536 LINK, worth $7.29 million, and now holds a total of 1.145 million LINK, valued at approximately $21.52 million.
Other fresh wallets have also joined the accumulation trend. Wallet 0x111a withdrew 231,715 LINK, worth $4.34 million, while wallet 0x586 transferred 193,499 LINK, worth $3.62 million, from Binance.
Today’s 12% Chainlink price rally comes with a strong 132% jump in daily trading volumes, reaching closer to $1 billion. This highlights a strong bullish sentiment among traders looking to capitalize on the movement. Furthermore, as per the Coinglass data, the LINK futures open interest jumped 16.5% to $718 million, looking to capitalize on future gains.
On the other hand, Chainlink CEO Serge Nazarov has been named among other crypto C-suite executives to attend a roundtable with pro-crypto Senate Democrats on Wednesday, October 22, and discuss the market structure legislation.
The meeting, chaired by Sen. Kirsten Gillibrand, comes amid stalled negotiations with Republican lawmakers after a leaked Democratic proposal to regulate decentralized finance (DeFi) sparked industry backlash.
As mentioned in our previous story, the Chainlink blockchain is playing a crucial role in building trust for the global payments market. Thus, its adoption is likely to see strong growth as an institutional blockchain infrastructure.
Chainlink concluded the third quarter of 2025 with record-breaking achievements in both global finance and blockchain integration. The network’s total value secured (TVS) surpassed $100 billion, marking a new milestone, while partnerships with leading financial institutions continued to expand, as reported by CNF.
Altcoin Market Shows Strength and Signs of Bottom Formation
The altcoin market is showing major strength today, with a MACD signal pointing out a bullish crossover. Furthermore, the ALTBTC chart shows signs of a bottom formation and a strong reversal to the upside.
Crypto analyst Merlijn the Trader has pointed out that altcoins may be signaling a cycle-level bottom, citing historical technical patterns. According to the analyst, the market is witnessing the third MACD cross in eight years, a signal that previously marked the beginning of major altcoin supercycles.
Ethereum price has jumped 5% today, shooting past $4,000. Other altcoins like BNB, XRP, SOL, have also gained by a similar magnitude.
