Chainlink Gains Momentum as Outflows from Exchanges Suggest Growing Buy Pressure

Chainlink Shows Robust Uptrend as $66 Million Leaves Exchanges Amid Growing DeFi Adoption

Chainlink (LINK) is gaining strong bullish momentum, evidenced by $66 million worth of LINK tokens withdrawn from exchanges over the past two weeks. This steady outflow signals increasing accumulation by investors despite ongoing global economic uncertainties.

LINK’s price action reveals a clear upward channel, supported by solid technical indicators. Having broken above the 200-day moving average, the token continues its upward trajectory, overcoming intermittent resistance levels.

This week saw $11.27 million of LINK exit exchanges, following $55.2 million in outflows last week. Such sustained withdrawals typically point to holders building positions rather than selling off.

The cryptocurrency’s utility in decentralized finance continues to grow, with recent collaborations involving JPMorgan, Ondo Finance, and integration on the Solana mainnet. Analysts remain bullish, forecasting LINK to hit $20 in the short term, with further gains to $50 by 2028 and potentially $100 by 2030, driven by wider adoption of its Cross-Chain Interoperability Protocol (CCIP).

Technical Highlights

Strong support at $15.60 was confirmed by significant buying between $15.27 and $15.30 on May 20.
A notable spike in volume (3.08 million LINK) occurred on May 21 at 11:00 as the token tested the $16.24 resistance level.
The trend remains bullish with an ascending channel formed by higher lows.
LINK rallied 1.5% in the last hour, climbing from $15.67 to $15.91.
A volume surge at 13:30 triggered a sharp rise, establishing new support near $15.75.
While some profit-taking occurred around $15.90 resistance, overall price movement suggests accumulation.
The session ended with consolidation near $15.85, backed by volume patterns indicating strong buyer presence.