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Chainlink Climbed 15% This Week and Hit a 3-Month High. Here's What Is Driving It
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Chainlink has posted a 15.27% gain over the past week, reaching an intraday peak of $10.60 and marking its highest price in more than three months. At the time of writing, LINK traded at $10.48, up 6.38% in the past 24 hours, as two converging signals suggest the move has genuine structural backing rather than being purely sentiment-driven. Exchange reserves have been declining steadily: approximately 13.5 million LINK, representing about 10.5% of exchange-held coins, have been withdrawn over the past five weeks according to Santiment data. When tokens leave exchanges at that scale, it typically signals that holders are moving assets into self-custody for longer-term holding rather than positioning to sell, which reduces available sell-side liquidity and makes upward price movement easier to sustain. Simultaneously, social volume for LINK has surged to a three-month high, reflecting renewed trader attention converging with that tightening supply. "Crypto's 15th largest market cap has had a resurgence in discussions across social media throughout this week, and this has likely contributed to this mini breakout," Santiment noted.
The whale data adds further conviction to the accumulation narrative. Wallets holding between 1 million and 10 million LINK increased their holdings from 265.02 million to 288.04 million tokens over the past 30 days, a gain of 23 million LINK representing an 8.7% increase. Wallets in the 100,000 to 1 million LINK range added another 9.83 million coins during the same period, growing from 163.08 million to 172.91 million tokens. Combined, these two large-holder cohorts absorbed roughly 32.85 million LINK in a single month, with their combined holdings expanding 7.7%. That scale of accumulation from wallets large enough to move markets reflects a level of buy-side conviction that distinguishes this rally from retail-driven pumps that tend to reverse quickly once social media attention moves elsewhere.
