Chainlink is currently trading below $10, as the cryptocurrency market faces a critical juncture with support levels that have sustained weeks of sideways price action. Despite the ongoing price pressures, top analyst Darkfost has identified a noteworthy signal in exchange flow data that hints at a developing trend not yet captured by price charts.
To understand the significance of Darkfost’s findings, one must first consider the broader market context. Since reaching a local bottom in early February, the cryptocurrency landscape has shown early signs of recovery. Notably, Total3, which reflects the combined market capitalization of all cryptocurrencies excluding Bitcoin, Ethereum, and stablecoins, has surged over 15% during this period. However, this recovery has been uneven, with some assets dramatically outperforming others.
For instance, HYPE has skyrocketed nearly 190% since the February lows, driven by a unique combination of genuine utility growth, ETF momentum, and institutional accumulation. In contrast, many altcoins have struggled to replicate such explosive growth, leading to a fragmented recovery within the altcoin market.
In this selective environment, Darkfost argues that exchange flow data becomes a critical tool for discerning shifts in genuine investor interest before they manifest in price movements. Within this context, Chainlink has begun to exhibit signals worthy of attention.
The Biggest Chainlink Withdrawals Since 2025
Darkfost’s analysis details a significant trend in Chainlink outflow data. The top ten outflow transactions on Binance—the largest daily withdrawals—have surged to their highest levels since 2025. Throughout May, the average daily outflows exceeded 3,600 LINK, with individual spikes surpassing 5,000 LINK withdrawn in a single day.
These outflows are not mere routine portfolio adjustments; they represent the calculated decisions of participants making substantial moves to transfer Chainlink from exchanges to external storage.
The significance of these outflows is amplified by their occurrence while LINK trades approximately 66% below its previous cycle highs. The participants responsible for these large outflows are not accumulating during a rally or chasing after a recovery that has already occurred; instead, they are building positions at significantly discounted levels. This behavior indicates a long-term conviction rather than a strategy based purely on short-term momentum.
While Darkfost remains cautious about the implications of a single indicator, the acceleration of large outflows does suggest a portion of the market is making a quiet, deliberate decision regarding the future trajectory of Chainlink, repositioning well ahead of any price confirmation.
LINK Continues Grinding Near Support
Chainlink remains ensnared in a prolonged consolidation phase, trading below the psychological barrier of $10. The price action has largely been confined within a narrow range that has characterized the market since February. The daily chart indicates that LINK has struggled to gain sustained momentum, with multiple attempts to reclaim resistance levels around $10.50 and $11 proving unsuccessful.
Technically, the structure is fragile yet stable. Currently, LINK is hovering near the convergence of short-term moving averages, a reflection of the indecision that has pervaded recent trading. The 50-day moving average has flattened after a prolonged decline, while the 100-day and 200-day averages trend downward above, indicating that the broader macro trend has yet to fully shift bullish.
Interestingly, the chart also reveals a behavioral shift compared to the aggressive selling seen earlier this year. Following a sharp breakdown in February, LINK has consistently formed higher lows around the $8.50–$9 support region, suggesting that buyers are absorbing sell pressure whenever prices approach that area.
Provided LINK maintains its position above the $8.50–$9 range, the broader accumulation structure appears intact, despite the absence of immediate upward movement.
Featured image from ChatGPT, chart from TradingView.com
