LINK Hits 3-Month High of $10.56

Chainlink's LINK token surged to its highest price in more than three months, hitting an intraday peak of $10.56 this week after breaking above a yearly downtrend resistance near $9 to $10. The cryptocurrency climbed nearly 7 percent in the past 24 hours and around 15 percent over the week, trading near $10.48 as of Thursday.

The rally follows months of sideways consolidation near multimonth lows, with LINK down more than 80 percent from its all-time high of $52.99 in May 2021. Traders attributed the move to bullish on-chain metrics and technical signals. Wallets holding between 100,000 and 10 million LINK added 32.93 million tokens over the past 30 days, a 7.7 percent increase that lifted their collective holdings above 461 million across a record number of such addresses exceeding 461,000. Analytics firm Santiment described this cohort as Chainlink's most active investors outside exchange custody, noting that such accumulation has historically preceded price gains rather than followed them.

Exchange reserves also shrank, with 13.5 million LINK withdrawn over the past five weeks, representing over 10 percent of early April's exchange-held supply. Social media discussions around...