Chainlink Price Rises 11.91% as 3.86 Million Tokens Leave Exchanges

Chainlink (LINK) has recently shown a notable trend of consistent outflows from exchanges, paired with a rising price. Since June 20, approximately 3.86 million LINK tokens, valued at around $51.26 million, have been withdrawn from centralized exchanges. This trend suggests a shift in investor behavior from short-term trading to long-term holding, as such withdrawals typically reduce sell pressure and indicate that both retail and institutional investors are accumulating positions.

Despite a minor price retracement of 1.72% to $13.22 at the time of reporting, LINK has demonstrated resilience, increasing by 11.91% over the past week. The consistent net outflows of LINK from exchanges since June 20, totaling about 3.86 million tokens ($51.26 million), further support this bullish sentiment. On June 22, outflows spiked sharply, with over 664,000 LINK tokens leaving exchanges in a single day. Despite this, the token’s price climbed steadily from below $12 to over $13.60, indicating an inverse correlation between declining exchange balances and increasing price.

This inverse relationship typically signals bullish investor sentiment, as investors often move assets off exchanges when they intend to hold or stake rather than sell. This suggests that LINK holders anticipate future gains and prefer to secure their holdings long term. The derivatives market for LINK has also seen notable fluctuations, with trading volume surging by 54.13% over the last 24 hours, reaching over $611 million. This spike reflects increased speculative interest. However, Open Interest dropped slightly by 0.12%, suggesting that some traders may have exited positions or taken profits.

Funding rates remain within typical bullish ranges, mostly between 0.0025% and 0.01%. However, spikes above 0.015% might signal overheated long positions, often a precursor to corrections. On the other hand, dips below 0.005% may signal potential bottoming and opportunities for contrarian longs. From a technical standpoint, the MACD remains in a neutral to slightly bearish position. The MACD line sits at 0.13, while the signal line lags at 0.26. The histogram reflects minor bearish momentum. Meanwhile, the RSI stands at 47.80, suggesting that LINK is neither overbought nor oversold. This places the token in a consolidation zone, where the next move could swing in either direction.