Key Insights:
- Chainlink exchange balances dropped to a two-year low of 125.83 million tokens as of November 12, signaling reduced selling pressure.
- Multiple technical analysts have identified bullish patterns with LINK price targets ranging from $27 to $160, based on the current level of around $16.
- The supply exodus signals the completion of the accumulation phase, paving the way for a potential breakout from the multi-year consolidation range.
Chainlink exchange supply fell to its lowest level in two years on November 12, reaching 125.83 million LINK tokens as investors moved holdings into cold storage rather than leaving them available for sale on trading platforms.
Trader Arca noted the development in a November 12 post, stating:
“This is getting interesting. LINK on exchanges in freefall. 2+ year low…”
The data showed that Chainlink balances on centralized exchanges declined steadily throughout 2025, after peaking above 165 million tokens in late 2024.
Chainlink (LINK) Price Analysis Hints at Breakout
The declining Chainlink exchange supply coincided with multiple bullish technical setups identified by prominent cryptocurrency analysts monitoring LINK price action.
Meanwhile, trader DonaldsTrades projected LINK price could reach $150-$160, representing a potential tenfold gain from the current $16.09 level.
The analysis highlighted a multi-month consolidation pattern forming a base for the anticipated move higher, with a projected breakout targeting the upper $20s initially before extending toward triple-digit levels.
Simultaneously, technical analyst GeoMetric posted that “LINK sale ends soon,” suggesting current prices represent the final opportunity to accumulate Chainlink before a significant rally.
The chart analysis identified a macro accumulation range between $5 and $15 that has contained the Chainlink price since mid-2022, with resistance levels marked at $29.57, $49.28, and $79.21 based on Gann angle projections.
Chainlink Consolidation Creates Accumulation Zone
Trader Ali Martinez described the current Chainlink price zone between $13 and $26 as a “no trade zone” characterized by a multi-year symmetrical triangle pattern.
Meanwhile, the analysis indicated the LINK price has been compressing within converging trendlines since early 2022, with a breakout in either direction expected to trigger the next major directional move.
Martinez’s chart showed Chainlink testing the lower boundary of the triangle near $16 in November 2025, suggesting the consolidation phase may be nearing completion.
A breakout above $26 would confirm bullish continuation, while a break below $13 would invalidate the accumulation thesis.
On the other hand, Michaël van de Poppe highlighted Chainlink’s strength relative to Bitcoin through the LINK/BTC trading pair, noting on November 12 that it was a great spot to accumulate LINK.
He added that LINK is poised to make a new leg upwards, anticipating that the market will see a strong move in DeFi in 2026.
The LINK/BTC chart showed the pair establishing support around 0.0001487 BTC after declining from 0.000721 BTC in 2024.
The technical setup indicated Chainlink had completed a base-building phase relative to Bitcoin, positioning for potential outperformance as decentralized finance narratives gain traction heading into 2026.
Besides, the latest filing from Grayscale, amending its LINK ETF application, has further bolstered market confidence.
Why Exchange Supply Matters for LINK Price?
Declining exchange balances typically signal bullish sentiment as investors move tokens to self-custody wallets, reducing immediately available selling pressure.
The two-year low in Chainlink exchange supply suggested that holders expected higher prices and chose to remove tokens from circulation rather than liquidate their positions.
The 125.83 million LINK tokens remaining on exchanges represented approximately 24% of the total circulating supply, down from roughly 32% when exchange balances peaked in late 2024.
Meanwhile, the supply exodus accelerated through October and November 2025 as the LINK price consolidated between $14 and $17.
Chainlink’s oracle network continued expanding partnerships and blockchain integrations throughout 2025, providing fundamental support for the technical accumulation patterns.
Meanwhile, the combination of declining exchange supply, multi-year base formation, and improving fundamentals created conditions that technical analysts viewed as precursors to sustained upside momentum.