Headline: Chainlink sees steady accumulation as big withdrawals tighten exchange supply — price consolidates below key resistance
Quick take
- Large on-chain flows suggest long-term accumulation: a newly created wallet withdrew ~329,000 LINK from Binance while the Chainlink Reserve added ~90,000 LINK, bringing its holdings above 1.32M LINK.
- Exchange-side availability is being drained from both retail/whale and reserve channels, which typically eases selling pressure during pullbacks.
- Price action remains range-bound and muted — a sign of deliberate accumulation rather than speculative froth. Technical and on-chain indicators point to contained downside risk and higher probability of a measured upside breakout if resistance is cleared.
On-chain flows: exchange outflows and reserve accumulation
Recent on-chain data shows two meaningful moves that reduce liquid LINK on exchanges. First, a newly created wallet withdrew roughly 329,000 LINK from Binance, immediately lowering the amount of instantly tradable supply. Second, the Chainlink Reserve added nearly 90,000 LINK, taking its total above ~1.32 million LINK. Combined, these transfers tighten exchange-side supply from different angles — withdrawals from a centralized venue plus reserve stockpiling.
Why that matters: with fewer tokens available on exchanges, sellers typically have less leverage during corrections. That can blunt downside moves and favor a steadier price environment when demand remains present.
Order-flow and accumulation signals
TradingView’s spot taker CVD over the past 90 days has been firmly positive, indicating sustained taker-side buying despite sideways price action. At press time the indicator still showed taker buy dominance — market buyers appear to be consistently absorbing sell orders rather than chasing price spikes. The lack of sharp CVD reversals suggests buyers are acting with conviction and not relying on leveraged flips, which helps keep selling pressure muted and compresses price into tighter ranges. Persistent absorption beneath resistance raises the odds of a directional breakout over time.
Derivatives: liquidation picture and leverage
Liquidation data from 26 December points to fading downside stress in derivatives markets. Total short liquidations were about $59.46k versus $10.55k in long liquidations. Binance accounted for ~$26.94k of shorts liquidated (and ~$9.89k long), while Bybit logged ~$24.76k in short liquidations. This skew — sellers taking most forced exits while longs largely held — indicates modest leverage and controlled liquidation events, an environment that reduces the chance of cascading downside moves and supports stabilization.
Technical outlook: key levels to watch
- Immediate range: LINK is caught between roughly $11.75 support and $14.65 resistance.
- Channel resistance: the descending channel resistance sits near $13.20–$13.50; acceptance above that would be meaningful.
- Upside targets: clearing $14.65 opens the path to $16.66 (previous distribution pivot), with $20 as a longer-term macro reclaim level.
- Downside risk: a failure to hold above ~$12 (and in particular $11.75) would reopen the lower demand zone and increase downside potential.
Put simply: consolidation below resistance alongside persistent buy-side absorption and shrinking exchange supply suggests balance, not weakness. A sustained move above channel resistance and $14.65 would carry more weight than fleeting breakout wicks and could mark the start of a trend transition if demand persists.
Conclusion
Chainlink’s recent on-chain withdrawals and reserve accumulation are removing exchange liquidity and reducing selling pressure, while CVD and liquidation data point to steady buy-side conviction and controlled leverage. As long as LINK holds above the key support area (~$11.75–$12), downside appears contained. A clean breakout above $14.65 would likely pave the way toward $16.66, supported by the tighter supply backdrop.
Sources: TradingView, CryptoQuant, CoinGlass
Disclaimer: The above is informational only and should not be taken as investment advice. Cryptocurrency trading carries high risk — do your own research before making any trading decisions. © 2025 AMBCrypto
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