Despite struggling to reclaim the $10 support level since mid-March and dipping to $8.2, Chainlink has seen a significant resurgence in whale accumulation. Data shows aggressive withdrawals from Binance, with over 8,000 LINK removed daily in the largest outflows, reducing the exchange supply ratio to monthly lows. Although this whale demand aligns with improving short-term momentum and a 74% volume spike, recent positive netflows indicate selling pressure remains, leaving the market vulnerable to further declines.
Despite a weak market structure, Chainlink saw intense whale activity. According to Darkfost, Binance whales aggressively accumulated LINK, with over 8,000 LINK withdrawn daily across the largest outflows. The monthly average outflows rose from 2,000 LINK to 2,600 LINK per day, aligning with growing interest from large entities during market weakness.
Exchange Supply Ratio data from CryptoQuant showed a steady decline through February. At press time, the Exchange Supply Ratio stood at 0.127, near monthly lows, confirming sustained accumulation since mid-February.
Since hitting $8.2, LINK has formed higher highs within a minor ascending channel. At press time, Chainlink traded at $9.1, up 4.96% daily, with trading volume jumping 74%.
Momentum strengthened as the Momentum Indicator rose from negative territory to 0.41. This shift suggested weakening selling pressure and rising buyer control, which aligned with the Relative Strength Index climbing from 46 to 51.
However, the market remained fragile as sellers continued to apply pressure. Netflows turned positive, reaching 190,000, indicating selling activity during recent gains.
That shift left the market vulnerable to further downward movement. Continued selling could push LINK back toward the $8.4 support level.
