- LINK surged nearly 7% in 24 hours and over 20% in the past month while volume rose 50%.
- Crypto Rand sees a bullish reversal after LINK broke above its yearly downtrend resistance.
- Santiment said that 13.5M LINK left exchanges in five weeks, reducing supply by 10.5%.
Chainlink extended its recovery this week as bullish on-chain data, rising social activity, and technical breakout signals pushed the token to its highest level since January.
LINK climbed nearly 7% over the past 24 hours and more than 20% over the past month. Trading activity also accelerated sharply, with daily volume jumping roughly 50% as the token reached an intraday high of $10.56.
Crypto analyst Crypto Rand said LINK was “triggering the bullish reversal” after breaking above its yearly downtrend resistance. The breakout followed months of lower highs and declining momentum across the broader altcoin market.
LINK Breaks Multi-Month Downtrend
The chart shared by Crypto Rand shows LINK finally breaking above a descending resistance line that had capped price action since late 2025.
The breakout zone sits around the $9-$10 range. LINK now trades above several key support levels. The chart also shows major resistance zones near $12.50, $14.50, and $19.50. If bullish momentum continues, traders will likely watch those levels as the next upside targets.
Above that, the chart points toward the $26-$30 range, where LINK previously faced heavy rejection during rallies. On the other hand, failure to hold above the breakout area near $9 could push the token back toward support zones around $8.70 and $7.80.
Exchange Supply Drops Sharply
On-chain data from Santiment showed a large decline in LINK supply sitting on exchanges. According to the analytics platform, 13.5 million LINK left exchanges over the past five weeks. This accounts for more than 10.5% of the exchange-held supply from early April.
The platform’s chart showed social volume climbing to a three-month high as exchange balances continued trending lower.
Whale Accumulation Strengthens Bullish Case
Wallets holding between 100,000 and 10 million LINK accumulated 32.93 million additional tokens over the past month, which represented a 7.7% rise in holdings.
According to Santiment, these wallets now collectively hold record levels of LINK after aggressively buying during the market’s sideways consolidation phase earlier this year.
The firm noted that this group historically accumulates before major price expansions rather than after momentum already begins. The data also points toward an early-stage supply squeeze forming around LINK.
Related: Chainlink Price Prediction: LINK Consolidates Ahead of Potential $10 Breakout
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
