Chainlink tops $10.60 as exchange reserves fall, whales buy
Chainlink reached an intraday high of $10.60, its strongest in over three months, after 13.5 million LINK left exchanges and large wallets added about 32.85 million tokens in the past month.
Chainlink rose to an intraday high of $10.60, its strongest level in more than three months. The token gained about 15.3% over the past week and traded near $10.48 at the time of reporting, up 6.4% in 24 hours.
On-chain analytics firm Santiment reported roughly 13.5 million LINK were withdrawn from exchanges over the past five weeks, representing about 10.5% of coins held on exchanges. Santiment also recorded social volume around Chainlink at a three-month high.
Large holders increased their LINK balances during the past 30 days. Wallets holding between 1 million and 10 million LINK rose from 265.02 million to 288.04 million, an increase of about 23 million tokens or 8.7%. Wallets with 100,000 to 1 million LINK added about 9.83 million, increasing from 163.08 million to 172.91 million. Combined, those cohorts absorbed roughly 32.85 million LINK, a 7.7% rise in their combined holdings.
Santiment highlighted that the drop in exchange reserves reduced sell-side liquidity while the spike in social volume coincided with the price rise.
Technical analysts pointed to chart patterns that could allow further gains if price action confirms a breakout. Quinten Francois flagged a breakout from a multi-year pennant. An analyst known as Clifton identified a descending broadening wedge on the daily chart and described measured targets of roughly 100% to 150% from a confirmed breakout zone, contingent on a momentum candle and rising volume.
Chainlink is a decentralized oracle network. The LINK token is used to pay node operators and secure data feeds. Traders monitor exchange reserves, large-wallet accumulation and chart patterns when assessing supply and potential price direction.
