Chainlink Gains as Exchange Outflows Point to Strong Accumulation

Chainlink’s price action demonstrates remarkable resilience amid mixed global economic conditions. The token has established a well-defined rising channel pattern, with technical indicators supporting continued bullish momentum. After successfully breaking above the 200-day moving average, LINK has maintained its upward trajectory despite short-term resistance. Exchange outflows remain consistently negative, with $11.27 million worth of LINK exiting exchanges this week following $55.2 million in outflows last week. This pattern of decreasing exchange balances typically signals investor accumulation rather than selling pressure. Meanwhile, Chainlink’s technology continues gaining traction in the DeFi sector, with recent integrations including JPMorgan, Ondo Finance, and Solana mainnet. Analysts project LINK could reach $20 in the near term, with longer-term forecasts suggesting potential growth to $50 by 2028 and $100 by 2030 as adoption of its Cross-Chain Interoperability Protocol (CCIP) expands across the blockchain ecosystem. Technical Analysis Highlights LINK established strong support at $15.60 with high-volume buying emerging at the $15.27-$15.30 zone during the 18-19 hour timeframe on May 20th. A significant volume spike (3.08M) during the 11:00 hour on May 21st coincided with LINK testing the $16.24 resistance level. The overall trend remains bullish with higher lows forming a clear upward channel. LINK demonstrated significant bullish momentum in the last hour, surging from $15.67 to a peak of $15.91, representing a 1.5% gain. A notable volume spike occurred at 13:30, catalyzing a sharp upward movement that established a new support level around $15.75. The price action formed an ascending channel with higher lows, though some profit-taking emerged near the $15.90 resistance level. Final minutes showed consolidation around $15.85, with volume patterns suggesting accumulation rather than distribution. External References ” Chainlink Price Prediction: Can Increased Network Adoption Rejuvenate Bullish Momentum for LINK? “, CoinPedia, published May 20, 2025. ” Chainlink price prediction 2025-2031: A strong buy sentiment for LINK? “, Cryptopolitan, published May 20, 2025. ” Chainlink In Rally Mode: Rising Channel Formation Signals Continued Climb “, NewsBTC, published May 21, 2025. ” Chainlink price targets $20 as exchange outflows surge “, crypto.news, published May 21, 2025.

Source: CoinDesk