Chainlink (LINK) surged more than 7% to hit $10.51, its highest price since January, as a confluence of bullish on-chain and technical signals drove a strong breakout from months of consolidation. Wallets holding between 100,000 and 10 million LINK accumulated 32.93 million tokens over the past month—a 7.7% increase that pushed their total holdings to an all-time high of over 461 million LINK. At the same time, exchange supply fell by 13.5 million LINK in just five weeks, reducing available sell-side liquidity by roughly 10.5% from April levels.
Institutional interest also returned, with LINK-focused ETFs recording over $1.4 million in weekly inflows and the Chainlink treasury adding 119,241 LINK worth about $1.1 million to its reserve, now totaling around 3.55 million LINK. The supply squeeze preceded the price spike, creating the conditions for a breakout when social volume reached a three-month high.
Technically, the four-hour chart shows the 50, 100, and 200 moving averages clustered tightly between $9.30 and $9.63, forming a critical support zone that LINK must hold to sustain the rally. The RSI sits at 68, not yet overbought, and momentum remains upward. Analysts see the next resistance near $12, with a broader target of $14–$17 if bulls maintain the breakout. However, a pullback could test the MA cluster directly, with a close below $9.30 likely invalidating the bullish structure.
