Chainlink Surges as $66 Million Leaves Exchanges, Signaling Strong Investor Accumulation
Chainlink (LINK) continues to exhibit robust bullish momentum, with a significant $66 million worth of tokens flowing out of exchanges over the past two weeks. This persistent outflow suggests growing confidence among investors and a strong accumulation trend despite uncertain global economic factors.
The token has carved out a clear ascending channel pattern, supported by key technical indicators. After crossing above the 200-day moving average, LINK has maintained steady gains, pushing past short-term resistance levels.
This week alone, exchange outflows totaled $11.27 million, adding to last week’s $55.2 million. Such ongoing withdrawals typically indicate that investors are moving tokens off exchanges to hold them long term rather than selling.
Chainlink’s expanding role in the decentralized finance ecosystem continues, with recent partnerships involving JPMorgan, Ondo Finance, and integration onto Solana’s mainnet. Analysts are optimistic, predicting LINK could reach $20 soon, with long-term price targets of $50 by 2028 and $100 by 2030, fueled by growing adoption of Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
Technical Overview
- Strong buying support emerged around $15.60, with heavy volume between $15.27 and $15.30 on May 20.
- A significant volume spike of 3.08 million LINK occurred on May 21 at 11:00, coinciding with a test of resistance at $16.24.
- The price action maintains a bullish trend, forming higher lows within a rising channel.
- LINK gained 1.5% in a recent rally, moving from $15.67 to $15.91.
- A sharp volume surge at 13:30 propelled the price upward, establishing new support near $15.75.
- Although some profit-taking was seen near $15.90 resistance, the overall pattern suggests accumulation.
- The day ended with consolidation around $15.85, with volume signals pointing to continued buying interest.
