Chainlink is the leading middleware, linking on-chain dapps with external data securely. While the platform is critical in many crypto sectors, especially DeFi, LINK has recently struggled for momentum.<\/p>\n
However, on-chain streams from IntoTheBlock reveal<\/a> that more holders are moving tokens from top exchanges like Binance and Coinbase. In a post on X, the analytics platform observes that exchange flow over the past month has been negative, signaling sustained withdrawals.<\/p>\n Usually, whenever tokens are moved from exchanges, it could indicate that owners are confident of what lies ahead. Since LINK, the ERC-20 token, is supported by many DeFi protocols, it could suggest that holders are interested in engaging with these dapps, possibly earning passive income.<\/p>\n The more transfers from centralized ramps, the higher the likelihood of prices expanding in tandem, which is a net positive for LINK bulls. According to Etherscan<\/a>, Chainlink has a top supply of 1 billion LINK distributed to 721,996 unique addresses when writing on October 23. <\/p>\n These holders have, in turn, moved LINK over 15.8 million times. A level deeper, onchain data reveals that Binance<\/a> controls more than 4.2% of the total supply. LINK under their control exceeds $479 million at spot rates.\u00a0\u00a0<\/p>\n With IntoTheBlock data pointing to net outflows from exchanges, there is a chance that LINK will find support and resume the uptrend of the past few trading days. LINK has resistance at $12.3, and a double bar bear formation is printing out following the dip of early today.<\/p>\nChainlink Building: Will Price Break Above $20?<\/h2>\n