Chainlink Just Saw Its Biggest Exchange Outflow Since June โ Bulls Are Watching
Chainlink recorded 1.26 million tokens in net exchange outflows over 24 hours. This was the largest daily outflow since June 29.
Santiment said the drop in exchange supply means fewer LINK tokens are available for quick sell orders, which could potentially lower future sell-off risk.
Bullish Signals
The timing of the move is interesting, according to Santiment. In July, the DTCC processed tokenized US securities trades with Chainlink listed among its technology providers. Meanwhile, its Cross-Chain Interoperability Protocol (CCIP) expanded support across institutional and crypto networks, including Canton and Robinhood Chain. Santiment believes that these developments could be positive for patient LINK bulls.
The crypto asset started July near $7.85 and briefly slipped below $7.6 before recovering. The price then climbed higher and even broke above $8, eventually reaching around $8.86. However, the rally did not hold, and by August LINK pulled back toward $8.2.
Against this backdrop, whale activity around Chainlink has picked up significantly, which essentially reflected stronger confidence among major holders. The network also ranked second in Santimentโs RWA development ranking, behind Hedera, after showing improved activity compared with the previous month.
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