- Chainlink price reached its highest level since January above $10
- More than 13.5 million LINK left exchanges during five weeks
- Whale wallets accumulated over 32 million LINK during the recent rally
Chainlink price is gaining momentum after whale wallets accumulated millions of LINK while exchange reserves continued falling sharply. Data from Santiment showed that more than 13.5 million LINK left exchanges within five weeks, reducing available sell-side supply. At the same time, social discussions surrounding Chainlink reached their highest level in three months, helping fuel the latest breakout above $10.
Chainlink Price Rises as Whale Accumulation Accelerates
Chainlink price climbed above $10 this week as whale accumulation and falling exchange reserves boosted market momentum. LINK traded near $10.42 after gaining 4.91% over the past 24 hours. The latest move pushed Chainlink price to its highest level since January.
Data from Santiment showed that around 13.5 million LINK left exchanges during the past five weeks. That amount represents more than 10.5% of the exchange-held supply from early April. Falling exchange balances often reduce immediate selling pressure in the market.
At the same time, social activity surrounding Chainlink price increased sharply across crypto platforms. Santiment reported that discussions about LINK reached their highest level in three months.
Whale activity also strengthened the bullish setup. Wallets holding between 1 million and 10 million LINK increased holdings by 23 million tokens during the past month.
Chainlink Price Outlook Improves as Technical Momentum Builds
Santiment data shows that additional wallet groups also continued accumulating LINK during the recent rally. Addresses holding between 100,000 and 1 million LINK added nearly 9.83 million tokens over the same period. Combined, large holders accumulated around 32.85 million LINK in one month.
Several market analysts now expect Chainlink price to maintain upward momentum if buying pressure continues. Trader Quinten Francois pointed to a breakout from a long-term pennant structure on the chart.
Another analyst, Clifton, noted that Chainlink price is forming a descending broadening wedge on the daily chart. According to the analysis, a breakout above the upper trendline could trigger stronger upside movement.
Clifton added that measured targets from the wedge pattern suggest possible gains between 100% and 150% from breakout levels. Traders continue monitoring whether Chainlink price can hold above the recent breakout zone while maintaining strong volume conditions.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
