Chainlink Outflows, Ethena’s Buy Signal, and Ethereum’s Liquidity Wall: What Comes Next?
The crypto market is entering a period of mixed technical signals, with Chainlink (LINK), Ethena (ENA), and Ethereum (ETH) each showing unique setups on the charts.
Key Takeaways
- Over 63 million Chainlink tokens withdrawn from exchanges hint at strong accumulation.
- Ethena’s TD Sequential indicator has flashed a rare buy signal.
- Ethereum faces a major liquidity cluster between $3,900 and $4,000.
- Technical indicators show mixed momentum across leading altcoins.
While LINK sees large-scale exchange outflows suggesting long-term accumulation, Ethena appears to be flashing a potential bottom signal, and Ethereum’s liquidity map hints at critical resistance ahead.
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 Analyst Ali Martinez highlighted that over 63 million LINK tokens have been withdrawn from exchanges within the past month, according to Santiment data.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.
In the past month, over 63 million Chainlink $LINK have been withdrawn from exchanges! pic.twitter.com/ZN8L921IKG
— Ali (@ali_charts) November 11, 2025
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.
TD Sequential just flashed a buy signal for Ethena $ENA! pic.twitter.com/fqdvosu3v1
— Ali (@ali_charts) November 11, 2025
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.
BIG LIQUIDITY CLUSTER FOR $ETH AT THE RANGE HIGHS ($3,900–$4,000). pic.twitter.com/M72KTYE6VO
— Crypto Rover (@cryptorover) November 11, 2025
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.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
