- LINK’s $120M exchange outflow signals rising investor confidence and accumulation.
- Sustained outflows and higher lows suggest LINK is entering a bullish continuation.
- MACD and RSI support LINK’s uptrend as price nears the psychological $15 level.
Chainlink (LINK) continues to gain traction in the crypto market as bullish indicators emerge from both technical and on-chain data. As of April 23, LINK is trading at $14.58, registering an impressive daily gain of 11.74%.
According to IntoTheBlock data over the past 30 days, LINK has seen more than $120 million in net exchange outflows, signaling that traders are pulling their tokens off exchanges often a bullish sign. This shift in supply dynamics, paired with growing market momentum, paints a strong case for an extended upward move.
Exchange Data Hints at Accumulation Phase
Over the last month, LINK has experienced sustained outflows from centralized exchanges, a trend often associated with long-term holding. IntoTheBlock data further indicate netflows dropped significantly below the 0 LINK mark on multiple occasions, particularly on April 3 and April 7.
On those days alone, nearly 713,200 LINK exited exchanges. This persistent outflow trend suggests investors are growing confident in LINK’s long-term value and are choosing to store their tokens off exchanges.
Keep an eye on altcoin exchange flows👀$LINK has seen consistent outflows from exchanges over the past month, hinting at ongoing accumulation. In total, net outflows surpass $120 million worth of LINK in the last 30 days. pic.twitter.com/XbU4qsGuWd
— IntoTheBlock (@intotheblock) April 22, 2025
Additionally, this movement coincided with a gradual recovery in LINK’s price. After dipping to lows near $10.50, the asset has since rebounded, now approaching the $15 threshold. This rally aligns with bullish investor sentiment, which appears to be fueled by both technical strength and accumulation behavior.
Technical Picture Supports a Bullish Continuation
Technically, LINK is in a solid uptrend. The 1-day chart reveals a series of higher highs and higher lows. Buyers have consistently stepped in around key support zones such as $13.05, $13.75–$13.85, and $14.00–$14.10. These areas have proven to be solid footing for the current rally.
On the resistance side, LINK is testing $14.58 the current intraday high. A strong push above this level could open the path to the psychological $15 mark. Volume backs this momentum, with a 73% surge to $499.05 million over the last 24 hours, confirming increased interest.
Momentum indicators also favor the bulls. The MACD shows a widening gap above the signal line, suggesting accelerating upward momentum. Meanwhile, the RSI sits at 61.14 comfortably in bullish territory, but not yet overbought. Historically, RSI movements above 60 often precede extended rallies.
