Chainlink (LINK) climbed 15.27% over the past week to an intraday peak of $10.6, marking its highest price in more than three months.
At press time, the altcoin traded at $10.48, up 6.38% over the past 24 hours. The rally coincides with shrinking exchange reserves and a sharp uptick in social media chatter.
Why Is Chainlink Price Up?
According to Santiment, roughly 13.5 million LINK, about 10.5% of exchange-held coins, have been withdrawn over the past five weeks, pointing to accumulation. Social volume has simultaneously surged to a three-month high, suggesting renewed trader attention is converging with shrinking sell-side liquidity.
“Crypto’s 15th largest market cap has had a resurgence in discussions across social media throughout this week, and this has likely contributed to this mini breakout,” the post read.
Whale holdings further corroborate the accumulation trend. Wallets holding between 1 million and 10 million LINK increased their holdings from 265.02 million to 288.04 million LINK over the past 30 days. That marks a 23-million-token increase, or 8.7%.
Wallets with 100,000 to 1 million LINK added another 9.83 million coins. Their stash rose from 163.08 million to 172.91 million tokens during the same period.
Combined, these two cohorts absorbed roughly 32.85 million LINK in one month. Their holdings expanded by 7.7%, reflecting consistent buy-side conviction from larger wallets.
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LINK Outlook Remains Bullish
Several traders see further upside from the current breakout zone. Trader Quinten Francois flagged the altcoin’s breakout from the multi-year pennant in a post on X.
Trader Clifton highlighted that LINK’s daily chart is forming a descending broadening wedge. He noted measured targets that point to potential gains of 100% to 150% from breakout zones.
“A strong upside breakout from the upper trendline of this wedge, supported by a momentum candle and rising volume, could trigger a powerful bullish rally. Measured targets suggest potential gains of 100-150% from the breakout zone,” the analyst wrote.
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