Chainlink, a leading provider of on-chain data in the cryptocurrency market, has recently taken center stage due to substantial withdrawals of its native token, LINK, from major crypto exchanges. Data reveals that on April 28, an unusually large volume of LINK tokens were moved out of exchanges, yet the asset’s price remained notably stable, trading between $9.20 and $9.23 with a mild 0.93% dip over 24 hours.
Record LINK Outflows from Exchanges
According to analytics platform Santiment, Chainlink has recorded its highest-ever net outflow from exchanges in recent days. Within just one day, a total of 970,430 LINK—valued at about $8.95 million—was withdrawn. Analysts interpret this as investors moving their LINK holdings to personal wallets, signaling that they are not preparing to sell. Despite this activity, LINK’s price barely budged in response.
“In its latest report, Santiment confirms that Chainlink’s net outflows from exchanges hit a record, with 970,430 LINK—worth roughly $8.95 million—exiting platforms in just one day.”
Despite this surge in withdrawals, the price remained in a tight range. Buyers kept the price above $9.17, but were unable to push it past the intraday ceiling of $9.35, reflecting persistent selling pressure in the market.
Chainlink Price and Market Metrics
Market data shows that LINK slid by 0.93% over 24 hours, settling at $9.23. During the same period, the lowest price was recorded at $9.17 and the highest at $9.35. Chainlink’s total market capitalization has risen to $6.71 billion, with a 24-hour trading volume of $202.77 million. Circulating supply currently stands at 727.1 million LINK, and according to CryptoAppsy, the coin is trading steadily at $9.23.
LINK remains far from its all-time high, which peaked at $52.70 in May 2021. The current price is roughly 82% below that record, and the token has not shown signs of a new upward rally.
Throughout the day, buyers managed to protect the $9.17 level, but attempts to push higher beyond $9.35 repeatedly failed. This highlights buyers’ difficulty in overcoming resistance despite prevailing demand.
Technical Signals and Momentum Outlook
From a technical analysis perspective, LINK/USD trading has shown limited movement. On Coinbase, prices hovered between $9.30 and $9.32 for an extended period before slipping back to the $9.18–$9.22 range. Hourly price changes have remained minimal.
A review of TradingView charts near the end of the session showed a slight uptick in momentum. The MACD line rose to 0.005, and the histogram entered positive territory at around 0.002, suggesting that although short-term momentum weakened earlier, some recovery could be underway.
Nevertheless, broader market pressure continues to limit upward movement for LINK. For the token to break out, it would first need to surpass the $9.24–$9.28 range and then push past the daily high of $9.35. On the downside, the $9.17 level stands as a critical support zone.
Currently, both on-chain indicators and the price chart point to an accumulation phase for LINK, with no clear signal of an imminent breakout or major upward trend.
