Chainlink (LINK) fell 20.8% in October despite an 18-day streak of outflows from Binance. The token drained from the exchange as roughly 8.7 million LINK had flowed in on a net basis earlier, suggesting the withdrawals may partly reflect that deposit being redistributed across wallets rather than a sign of new buying pressure.
Analyst MorenoDV_ flagged the outflow streak and said price action tells the real story. "For Binance, persistent negative netflows point to declining token availability. But price has continued falling, showing that this supply shift has yet to translate into sustained buying strength," the analyst wrote. Across all exchanges, LINK reserves fell to 124.2 million, near their pre-deposit level.
US spot Chainlink ETFs recorded no net flows for 8 consecutive trading days. The funds saw their last move on October 16, an outflow of about $397,000. Total net assets in the funds dropped to $209.5 million on October 28 from $249.4 million on September 28. The largest October inflow came on October 9 at $9.48 million.
Past rallies in LINK came with external catalysts. In August, Standard Chartered set a $200 target for LINK by 2030. The Chainlink Cross-Chain Interoperability Protocol (CCIP) 2.0 upgrade in late September pushed LINK above $15. Without similar catalysts now, historical data shows LINK's median November return sits at minus 10.5%.
LINK traded at $11.34 on October 28. Analyst Crypto Tice placed resistance at $12.30. Support sits at $10.87, where analyst Crypto Patel confirmed a bullish flip. MorenoDV_ said sustained withdrawals, steadier price action, and stronger spot demand would make the signal constructive.