Chainlink Outflows, Ethena’s Buy Signal, and Ethereum’s Liquidity Wall: What Comes Next?

Key Takeaways

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  Over 63 million Chainlink tokens withdrawn from exchanges hint at strong accumulation.
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  Ethena’s TD Sequential indicator has flashed a rare buy signal.
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  Ethereum faces a major liquidity cluster between $3,900 and $4,000.
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  Technical indicators show mixed momentum across leading altcoins.

Chainlink: Massive Exchange Outflows Signal Long-Term Confidence

Chainlink’s price currently hovers near $15.8, down about 3% over the past 24 hours. Despite the short-term dip, on-chain data paints a bullish backdrop. Analyst Ali Martinez highlighted that over 63 million LINK tokens have been withdrawn from exchanges within the past month, according to Santiment data. Such large withdrawals often suggest investor confidence and a preference for holding assets in self-custody rather than keeping them on trading platforms.

From a technical standpoint, Chainlink’s daily RSI sits around 42, reflecting neutral-to-oversold momentum after weeks of downward pressure. The MACD is still in negative territory but beginning to flatten, signaling potential consolidation before a rebound. LINK’s price action over the past months shows a clear pattern of accumulation following deep pullbacks — a setup reminiscent of the 2023 and 2024 basing phases before major rallies.

However, resistance remains firm near $18, and a break above that level would be necessary to confirm renewed bullish momentum. Until then, traders may continue to see volatility between $14 and $18 as whales reposition.

Ethena: TD Sequential Flashes a Rare Buy Signal

Ethena’s native token ENA, trading near $0.32, is struggling to recover after months of steady decline. Yet, a new signal on the weekly chart is catching traders’ attention. Martinez also noted that the TD Sequential indicator has flashed a buy signal for ENA — a pattern historically associated with potential short-term reversals.

The daily chart shows ENA’s RSI near 36, indicating it is nearing oversold conditions. The MACD remains weak but shows signs of flattening, suggesting bearish momentum could be losing strength. If confirmed, this signal could mark a key inflection point for the token, which has already corrected heavily from its midyear highs above $1.20.

Ethena’s fundamentals remain in focus as well. Its synthetic dollar protocol and yield strategies continue to attract developer interest, even amid price pressure. A short-term bounce toward the $0.40–$0.45 range would align with previous resistance levels and could confirm the TD Sequential’s bullish implication.

Ethereum: Liquidity Cluster Looms Around $4,000

Ethereum, meanwhile, trades near $3,490, down about 2% on the day. Data shared by analyst Crypto Rover revealed a dense liquidity cluster between $3,900 and $4,000 — a zone where a large number of leveraged positions are concentrated. This region acts as both a magnet for price and a potential trigger for volatility once approached.

ETH’s daily RSI near 41 shows mild bearish momentum, while the MACD continues to drift below zero. The price action since October suggests ETH has struggled to reclaim the $4,000 mark after repeated rejections, making this level crucial for determining the next directional move.

If Ethereum manages to reclaim this liquidity zone, short liquidations could drive a swift upward move. Conversely, failure to breach it might lead to another retest of $3,200, where demand has repeatedly emerged.

Market Outlook: Divergence Across Majors

Overall, the divergence between Chainlink’s accumulation trend, Ethena’s reversal signal, and Ethereum’s liquidity resistance encapsulates the broader crypto market’s indecision. Long-term holders are quietly building positions while short-term traders face mixed technical cues.

As volatility tightens ahead of the next macro catalyst — including U.S. inflation data and potential Federal Reserve commentary — the coming weeks could prove decisive. If on-chain accumulation and technical reversals align, the next leg of the bull cycle may not be far off.