LINK Token Reaches 11-Month Peak, Shattering Prolonged Bearish Trend

Chainlink extended its recovery this week as bullish on-chain data, rising social activity, and technical breakout signals pushed the token to its highest level since January.

$LINK climbed nearly 7% over the past 24 hours and more than 20% over the past month. Trading activity also accelerated sharply, with daily volume jumping roughly 50% as the token reached an intraday high of $10.56.

Crypto analyst Crypto Rand said $LINK was “triggering the bullish reversal” after breaking above its yearly downtrend resistance. The breakout followed months of lower highs and declining momentum across the broader altcoin market.

$LINK Breaks Multi-Month Downtrend

The chart shared by Crypto Rand shows $LINK finally breaking above a descending resistance line that had capped price action since late 2025.

Source: X

The breakout zone sits around the $9-$10 range. $LINK now trades above several key support levels. The chart also shows major resistance zones near $12.50, $14.50, and $19.50. If bullish momentum continues, traders will likely watch those levels as the next upside targets.

Above that, the chart points toward the $26-$30 range, where $LINK previously faced heavy rejection during rallies. On the other hand, failure to hold above the breakout area near $9 could push the token back toward support zones around $8.70 and $7.80.

Exchange Supply Drops Sharply

On-chain data from Santiment showed a large decline in $LINK supply sitting on exchanges. According to the analytics platform, 13.5 million $LINK left exchanges over the past five weeks. This accounts for more than 10.5% of the exchange-held supply from early April.

Source: X

The platform’s chart showed social volume climbing to a three-month high as exchange balances continued trending lower.

Whale Accumulation Strengthens Bullish Case

Wallets holding between 100,000 and 10 million $LINK accumulated 32.93 million additional tokens over the past month, which represented a 7.7% rise in holdings.

According to Santiment, these wallets now collectively hold record levels of $LINK after aggressively buying during the market’s sideways consolidation phase earlier this year.

The firm noted that this group historically accumulates before major price expansions rather than after momentum already begins. The data also points toward an early-stage supply squeeze forming around $LINK.

Related: Chainlink Price Prediction: $LINK Consolidates Ahead of Potential $10 Breakout