On April 28, Chainlink returned to the spotlight with on-chain data showing a big outflow of tokens from exchanges.
The market reaction was muted. LINK has traded between $9.20 and $9.23 over the last 24 hours (down 0.93%), with price action held within a narrow range. That left traders with two messages: a strong outflow and a market that hasn’t yet started a stronger uptrend.
A tweet from KoinSaati, quoting Santiment, claimed that Chainlink’s highest daily net exchange outflow was in 2026. It said 970,430 LINK ($8.95 million) was taken off exchanges over one day.
Notably, the X chart net outflows are high, which means LINK holders are withdrawing their tokens from the exchanges and storing them in their own wallets or elsewhere, rather than holding them for sale.
But the price did not react with a breakout. Instead, LINK continued to trade in the lower half of its recent price range, demonstrating that the market is still waiting for more buy-in.
According to the market data, Chainlink was down 0.93% in the past 24 hours, trading at $9.23. The current low for the token is $9.17, and the high is $9.35, with a market capitalization of $6.71 billion and a 24-hour trading volume of $202.77 million. The supply was listed as 727.10 million LINK.
On one hand, that means the BraveNewCoin LINK chart has a long way to go to hit its all-time high of $52.70 in May 2021, with the token still trading more than 82% below the record price.
And the daily range also indicates that buyers have kept the price above the $9.17 area so far, but they haven’t been able to drive the price back through the session high of around $9.35.
On the other hand, the technical chart provided more detail. As of this writing, the LINK/USD pair on Coinbase was trading at $9.214, essentially unchanged on the hour, after spending most of the session in a decline from the $9.30-$9.32 area into the $9.18-$9.22 zone.
According to the TradingView chart, momentum picked up late. The MACD line improved to around 0.005 (above the signal line at around 0.003), and the histogram is positive at around 0.002. It’s a signal that short-term momentum has improved after falling earlier.
Nonetheless, the chart still shows a market that was mostly under pressure during the day. LINK has to re-test the intraday resistance band between $9.24 and $9.28 first, then above the daily high at $9.35 to turn the mood more positive.
The daily low at $9.17 is the main support on the downside. So far, Chainlink is holding up while on-chain indicators still show accumulation, but the price has yet to confirm a stronger rebound.
