A reported outflow of roughly $2.8 billion from a hot wallet attributed to Binance on the evening of Oct. 29 triggered a leveraged sell-off that hit mid-cap altcoins hardest. Binance paused withdrawals on some networks, but no customer fund losses have been confirmed. The exchange said on Oct. 27 that it had repelled several cyberattacks without outflows. Traders nevertheless reacted quickly, with liquidations in the peak hour estimated between $590 million and $628 million, mostly long positions, while full-day liquidation estimates ranged from $356 million to $834 million.
Bitcoin fell about 5% to near $76,900 on Oct. 30, while Ether lost roughly 6% to around $2,210. Chainlink slid about 11% to near $10.40, and NEAR dropped roughly 16%. On-chain data shows LINK has recorded 18 consecutive days of net outflows from Binance, with the latest reading near 280,200 tokens, suggesting holders are moving coins into self-custody.
Chainlink now trades near $11.04, up about 4% over the past day and just above its 200-day moving average. The recovery is fragile: LINK remains below its 50-day average near $12.12, and the RSI is around 38. Analysts view the $11 area as a decisive line. Resistance sits near $12.06, with the next hurdle around $12.71. A daily close below the 200-day average could expose support near $9.75 and then $7.95.
Avalanche is in a weaker technical position, trading near $8.51 after a 3% bounce but still below both the 200-day average near $9.11 and the 50-day average near $9.35. Its RSI is about 35. Resistance near $9.21 must be reclaimed before a move toward $9.76 becomes possible. The nearest support is far lower near $7.04, followed by $6.15. Until AVAX reclaims its moving averages, rallies are likely to remain short relief moves.
The next 72 hours depend on Binance-related news and whether LINK can hold its 200-day line while AVAX clears the band just above its 200-day average. Bullish scenarios require LINK closing above first resistance and AVAX reclaiming overhead levels. If LINK slips back below its 200-day average, the setup fails and both tokens could extend their downtrends.
