Chainlink (LINK) is experiencing significant accumulation by long-term investors despite modest price gains, with exchange reserves dropping by over 2 million tokens in a month. Data indicates bullish sentiment in derivatives markets and a potential technical reversal, with a 10% price jump possible if key levels are breached.
Demand for Chainlink [LINK] is rising significantly among investors even as its price remains stagnant. According to crypto tracker CoinMarketCap, LINK gained a modest 3.75% over the past month while fluctuating between $10 and $8.17.
The asset jumped 7.15% over the past 24 hours to trade near $9.20 amid a broader market recovery. Alongside the price increase, trading volume surged by over 65% to $952.83 million, indicating higher market activity and strong interest.
Analytics tool CryptoQuant shows high interest from long-term investors. Data reveals over 2.046 million LINK tokens were withdrawn from exchange reserves between February 24 and March 24, 2026.
A massive drop of 951,000 LINK was recorded in exchange reserves in the past week alone. Falling exchange reserves typically signal potential accumulation, which is generally considered a bullish indicator.
According to the derivatives analytics tool CoinGlass, intraday traders are eyeing long-leveraged positions. The data shows $8.88 and $9.27 are the major liquidation levels from the current price.
Traders have built $4.08 million in long-leveraged positions versus $2.10 million in shorts, indicating bulls dominate. Short sellers appear to be losing interest as this trend continues.
On the daily chart, LINK appears to be moving within an ascending channel pattern between its upper and lower boundaries. Following a recent 14.65% dip, the price declined to the lower boundary and formed a bullish engulfing candle.
If LINK remains above the upper boundary and the $8.576 level, it could see a 10% price jump to reach $10.08. Further upside is possible, but $10.08 has been a key resistance level since February 1.
The Relative Strength Index (RSI) on the daily chart reaches 52.03, indicating a shift toward bullish territory. This suggests growing buying interest with the asset gaining strength above the neutral 50 level.
