- LINK tokens worth $51.26 million have left exchanges since June 20, suggesting accumulation and reduced selling intent.
- Derivatives trading volume surged by over 54%, pointing to growing speculative interest despite flat open interest levels.
- Technical indicators place LINK in a consolidation range, signaling balanced market sentiment following a steady price climb.
Chainlink (LINK) has seen a notable shift in investor behavior over the past ten days. According to Sentora, formerly IntoTheBlock, approximately 3.86 million LINK tokens, valued at $51.26 million, have moved out of centralized exchanges since June 20. This steady outflow reflects a trend often associated with reduced selling pressure and growing interest in long-term holding.
Over the period June 21 to June 30, LINK recorded a perpetual release of net funds on large exchanges. One of the most intense outflows was posted on June 22, amounting to approximately 664,000 LINK. Although there was this movement, the price of LINK has increased to more than $13.60, upwards of what it was initially at almost thirteen dollars, and all this came under a few hours. Such a tendency is usually an indicator of the confidence on the part of the investors and a direction of their tendency to hold and not trade.
The price is intact even within a short period despite a drop.
The LINK price has been staying strong despite a short-term 1.72% plunge to the current price of $13.22. It has been able to increase by 11.91% in the last week. Combined with a clear outflow, the upward price movement indicates a continuous accumulation of both the retail and institutional investors. The decline in exchange balances usually means an intention to stake or keep the tokens safely, not to create opportunities to sell them shortly.
The LINK derivatives market also experienced a surge in activity. Within the last 24 hours, trading volume jumped by 54.13% to reach $611 million. Open interest has declined by 0.12 percent, but the increase in volume is an indication of increased speculative activity. The funding rates were generally in a bullish percentage of 0.0025 to 0.01, where there was so much interest in buying. Temporary surges to above 0.015% can be indications of overheating, and moments below 0.005% are frequently indications of prospective rebounds.
Technical indicators have a neutral Reading.
The technical statistics indicate that the short-term trend has an even opinion concerning LINK. The MACD indicator is a little bit bearish, as the MACD line is 0.13 and the signal line is 0.26. The downside momentum is only moderate, as observed in the histogram.
In the process, the Relative Strength Index (RSI) is at 47.80, which means LINK is within a range of consolidation without an indication that it is overbought or oversold.
