A large Chainlink holder moved another 620,420 LINK worth roughly $7.6 million to Coinbase on September 7, extending a series of exchange deposits over the past three weeks. According to blockchain analytics account Onchain Lens, the same wallet has now sent 2.41 million LINK, valued at approximately $26.04 million, to Coinbase during that period. The originating address, identified as 0xF5B007a6341AcC8CfEC581d8A1c5560bC19d9650, previously accumulated the tokens through withdrawals from Binance before routing them toward Coinbase.
Exchange deposits can precede sales, but on-chain records do not confirm whether the transferred tokens were actually sold. The wallet owner could be moving LINK for custody, collateral, internal account management, over-the-counter settlement, or a future trade. Still, large transfers to centralized exchanges tend to attract attention because they can increase immediately tradable supply and influence trader expectations. LINK traded near $13.07 on September 7 after rising approximately 7.1% during the latest session, with an intraday range from about $12.12 to $13.32.
The price action strengthened further as LINK surged more than 10% over 24 hours. At the time of reporting, LINK was trading at $13.308 after climbing 7.06% in just 30 minutes. Trading volume reached about $503.90 million, up 25% from the previous day, while open interest in LINK derivatives rose 8.26% to $696.89 million, indicating stronger participation from futures traders. The token broke out of a prolonged consolidation range between $7.20 and $8.50 and moved above its 20-day moving average of $11.39. Bollinger Bands widened, reflecting growing momentum, while MACD lines remained above zero.
Crypto analyst Michaël van de Poppe said he expects a strong continuation toward $14.50–$15.00 as a near-term target zone, adding that he would look to buy dips near $11 and $10. Another analyst, Investor Jordan, pointed to $12 as a key level to clear, with further targets at $15 and eventually $20. Key resistance was cited near $12.59, with a clean break backed by volume potentially accelerating the move toward $15. Support was seen near $12, while traders watched whether LINK could hold above that level as it tested resistance around $13.30.
On the ecosystem side, Wyoming’s FRNT stablecoin integrated Chainlink Proof of Reserve, enabling on-chain verification of reserve backing. FRNT is set to become the first stablecoin issued by a publicly owned American entity to publish verified reserve data on-chain, reportedly exceeding the requirements of the GENIUS Act. Chainlink continued to expand its infrastructure more broadly: its Cross-Chain Interoperability Protocol processed $4.9 billion in volume during the second quarter, up 353% year over year, while Standard Chartered estimated that Chainlink secured more than $110 billion in value across oracle feeds and cross-chain services. Aave adopted CCIP as default infrastructure for cross-chain deposits, withdrawals, governance and GHO transfers, and BitGo selected CCIP as the exclusive cross-chain provider for Wrapped Bitcoin.
