Chainlink (LINK) saw massive withdrawals from exchanges, which backed the ongoing price breakout to the upside of the wedge pattern.
LINK Outflows Hint at Accumulation
The aggregated exchanges saw intense LINK withdrawal activity according to their exchange flow statistics over thirty days.
A significant amount of -713.2K LINK exited centralized platforms during April 3 and April 6, according to net outflow data from IntoTheBlock.
The exchange inflows saw minimal growth patterns as they only surged past 356.6K LINK for short periods on March 25 and April 5.
Long-term holders likely used the token movement to transfer LINK to personal wallet addresses, amounting to over $120 Million in tokens.
Major withdrawals occurred before price strength episodes as they removed pressure from sellers in the market.
The market sentiment and changes in the accumulation rate could affect LINK price stability since it remains between $12.00 and $13.50.
LINK may surpass $15.00 again when withdrawals keep rising alongside positive market fundamentals.
Although bullish, this development remained reliant on general market conditions and whale behavior patterns.
Exchanging money into the LINK token may highlight trading profits by investors.
Chainlink Price Action Analysis
Diving into the price action of Chainlink finally exceeded its well-defined falling wedge pattern, which acted as price containment since February 2025.
The bullish breakout occurred around $12.00 while Link’s trading price reached $14.01 as of press time.
Historically, the falling wedges tend to produce trend reversals, so this breakout point signified a possible rally continuation.
The wedge pattern created decreasing highs and lows while support came close to $10.00 as price broke through resistive circular boundaries.
The break could be validated through an intense bullish candlestick pattern if LINK price stayed above the upward boundary of the wedge formation.
LINK stood to challenge resistance levels at $16.00 if the bullish momentum endured and sought a move toward $18.00.
A falling price that drops below $12.50 would break the bullish scenario and drive LINK towards possible support levels of $10.50 or even $9.00.
The chart displays an earlier wedge-to-rally pattern, which supports a potential future price movement that could push LINK up to $30.00.
Both bullish patterns support an upward trend, but market-wide weakness and aggressive selling might trigger heavy losses.
The entry decision requires traders to observe both volume and confirmation retraces as they establish their full bull stance.
How the Old LINK Holders are Behaving?
Lastly, Token Seniority Distribution data showed that 66.14% of the holders that held LINK for over two years held 72.89% of the tokens that were older than two years.
This suggests deep commitment. This data was shared by a verified account on X (@arcamids).
Strong economic support within this holder segment signaled a belief in future price growth, which helped shield LINK from market selling.
Additionally, the wallet distribution indicated 621 wallets with 100K–1M LINK continued to climb steadily to 85 as their latest high.
A potential price breakout continuation is expected as mid-to-large investors purchased LINK tokens over the past couple of weeks.
These figures suggested bullishness based on concurrent analysis of wallet distribution and percentages of supply owners.
The fall in price could happen through two channels: long-term holder driven distribution and big wallets selling to accumulate more.
LINK price action here depended on sustained accumulation activity by these committed stakeholders or their decision to take profit.
