Chainlink exchange outflows hit 1.26M tokens
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- Chainlink (CRYPTO:LINK) recorded 1.26 million tokens in net exchange outflows over 24 hours.
- The movement was LINK’s largest daily exchange outflow since June 29, according to data cited by CryptoPotato.
- Santiment said lower exchange supply could reduce selling pressure, while traders are watching resistance at US$11.62.
Chainlink (CRYPTO:LINK) recorded 1.26 million tokens in net exchange outflows over 24 hours, its largest since June 29.
Santiment said lower exchange supply means fewer LINK tokens are immediately available for selling, potentially reducing future selling pressure.
LINK started July near US$7.85, briefly fell below US$7.60 and later climbed to around US$8.86.
The token later pulled back towards US$8.20, while CryptoPotato reported increased activity among large LINK holders.
Market watcher The Boss said LINK needs to break US$11.62 resistance before a stronger technical recovery could develop.
Chainlink ranked second behind Hedera (CRYPTO:HBAR) in Santiment’s real-world asset development ranking after increased activity during July.
Chainlink’s CCIP has also expanded across networks including Canton and Robinhood Chain, while BitGo recently adopted the technology.
At the time of reporting, Chainlink price was $8.12.
