Chainlink Climbs on Signs of Increased Accumulation from Exchange Outflows

Chainlink Strengthens as $66 Million Exits Exchanges, Indicating Robust Accumulation

Chainlink (LINK) is riding a wave of bullish momentum, with $66 million worth of tokens withdrawn from exchanges over the past two weeks—a clear sign that investors are accumulating amid fluctuating global economic conditions.

LINK has formed a distinct upward channel pattern, bolstered by positive technical indicators. After breaking above the 200-day moving average, the token has steadily climbed, overcoming short-term resistance levels.

This week alone, $11.27 million in LINK left exchanges, adding to the previous week’s outflow of $55.2 million. This persistent trend of decreasing exchange balances suggests holders are moving tokens into cold storage, favoring long-term positions over selling.

Chainlink’s expanding footprint in the decentralized finance (DeFi) sector is highlighted by recent partnerships with JPMorgan, Ondo Finance, and Solana’s mainnet integration. Market analysts remain bullish, projecting LINK to reach $20 soon, with ambitious targets of $50 by 2028 and $100 by 2030, driven by growing adoption of its Cross-Chain Interoperability Protocol (CCIP).

Technical Highlights:

• A strong support level near $15.60 was established by significant buying activity between $15.27 and $15.30 on May 20.
• On May 21 at 11:00, LINK experienced a notable volume spike of 3.08 million tokens while testing resistance around $16.24.
• The token’s price trend remains upward, characterized by higher lows within a well-defined ascending channel.
• LINK posted a 1.5% gain in a late rally, climbing from $15.67 to $15.91.
• A sharp increase in volume at 13:30 spurred the price upward, setting a new support level near $15.75.
• Despite some profit-taking near the $15.90 resistance, the price action largely indicates accumulation.
• The session closed with consolidation around $15.85, supported by volume patterns signaling ongoing buying pressure.