Chainlink posted its largest exchange outflow since June 29, with about 1.26 million LINK moving off centralized exchanges as holders shift into self-custody. LINK is still consolidating near its $8.14 support level, and reclaiming the $9.04–$9.47 resistance zone remains the key test for a bullish breakout.
Investors pulled roughly 1.26 million LINK off centralized exchanges, the largest single-day outflow since June 29, according to on-chain data from Santiment. The decline in exchange balances points to a shift toward self-custody, a pattern often tied to long-term accumulation and reduced selling pressure.
Outflow points to renewed accumulation
The withdrawal coincides with renewed interest in Chainlink's ecosystem and suggests long-term holders may be positioning for potential upside despite the token's recent consolidation. Exchange flow data alone does not guarantee a rally, but it reflects growing investor confidence and reinforces the broader accumulation narrative around LINK.
With exchange reserves continuing to decline, traders are now watching whether sustained buying demand can turn this on-chain strength into a decisive price move.
LINK holds $8.14 support as bulls eye $9
Despite the bullish on-chain signal, LINK continues to consolidate around the $8.14 support level, with buyers still struggling to regain control. The token pulled back recently after failing to hold gains near nearby resistance, keeping price confined to a narrow range.
Chainlink's $8.14 support has repeatedly cushioned recent declines, and holding above it could set up another recovery attempt. A loss of support, however, may expose the next demand zone near $7.07.
The Relative Strength Index (RSI) has slipped below the neutral 50 level, reflecting slowing bullish momentum after the latest rejection. The Chaikin Money Flow indicator, though, remains in positive territory, suggesting capital keeps flowing into LINK despite the price weakness.
Reclaiming $9.04–$9.47 is the key test
For bullish momentum to strengthen, LINK needs to reclaim the $9.04–$9.47 resistance zone. A breakout above that range would confirm renewed buying strength and raise the odds of an extended recovery; until then, bulls need to defend $8.14.
Continued outflows suggest long-term holders keep accumulating, shrinking the supply available for immediate sale and creating conditions that could favor price appreciation if demand strengthens. Still, accumulation alone is unlikely to trigger a sustained rally unless buyers overcome the overhead resistance. For now, the $9.04–$9.47 zone remains the line between consolidation and a confirmed breakout.
Source: Coinpedia Fintech News
Trading involves risk.
Risk Disclaimer
