Chainlink (LINK) price rallies as exchange reserves remain near multi-year lows

Chainlink (LINK) recently experienced a price rally, moving from a seven-month trading range of $7 to $10 up to a peak above $15.50, before retracing toward the $13 to $14 range.

Data from CryptoQuant and Coingecko indicates that exchange reserves for LINK remained relatively flat during this upward movement, staying between 124 million and 130 million tokens. This stability is notable because previous rallies were often accompanied by sharp spikes in exchange reserves, which typically signal increased selling pressure. Current reserves sit at approximately 124.3 million LINK, which is near multi-year lows and significantly below the 190 million peak seen in early 2024.

Analysts suggest that if reserve levels remain low, selling pressure may stay limited, potentially supporting the token's structural integrity. Technical analysis shows that the $13.58 level has acted as critical support to prevent a deeper structural breakdown, while regaining the $14.15 to $14.60 range could reopen the path toward previous highs.