Chainlink [LINK] has broken out of its previous trading range between $7 and $10, rising above $15 before pulling back to around $13.89. The move marks a shift in the token's historical price patterns and correlations with exchange supply levels.
A key distinction in this rally is that it has occurred without the typical surge in exchange reserves that accompanied previous price increases. Exchange reserve balances have remained relatively stable between 124 million and 130 million LINK, according to CryptoQuant data. Current reserves sit at approximately 124.3 million, near multi-year lows and significantly below the record high of 190 million in early 2024.
This disconnect between price movement and supply suggests that limited token availability on exchanges may be constraining selling pressure, potentially supporting the underlying structural integrity of the token.
Key Support Levels
LINK reached a high of $15.60 but has since declined toward $13.30. The token briefly tested the $13.58 support level, which represents a critical juncture. Buyers defended this level, allowing the price to rebound toward $14.00.
Holding $13.58 is significant, as falling below it would indicate a deeper structural breakdown. Maintaining support at this level preserves the rising trendline and keeps the possibility of another challenge toward the broken $14.15–$14.60 range, which could reopen the path toward $15.60.
Liquidity Targets Ahead
LINK is approaching a concentrated liquidity zone between $14.25 and $14.40, which could serve as a magnet for price movement if buyers sustain momentum. A breakout into this liquidity cluster could trigger forced buying via short liquidations.
The immediate direction now depends on whether LINK maintains support at $13.80. If this level holds, the larger liquidity path remains available. A failure to hold $13.80 could drive selling toward the $13.60–$13.50 area, where another liquidity pocket may attract buyers.
