Chainlink slides slightly facing resistance at $9.68 after significant exchange outflows: weekly review

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Chainlink slips 1.73% this week

Highlights

Chainlink remains under sustained bearish pressure, trading below key moving averages with no clear bullish catalysts present.
Technical indicators confirm bearish momentum, with MACD, ADX, and momentum oscillators all signaling ongoing seller control.
LINK is expected to stay between $8.38 and $9.68 next week, with under 20% probability of an upward breakout.

Largest weekly net outflows seen as accumulation signals emerge

Chainlink saw its largest daily net exchange outflow of 2026, with 970,430 LINK valued at approximately $8.95 million withdrawn from exchanges in a single day. Analysts interpret this as a possible sign of accumulation, given the Chainlink Exchange Flow Balance stayed negative throughout April. The network also continues to support the expansion of tokenized assets and on-chain data infrastructure within the crypto ecosystem.

Bearish momentum reinforced over week with indicators and resistance levels

On the weekly timeframe, LINK is positioned firmly below all key moving averages (MA-20, MA-50, MA-200), underscoring persistent bearish momentum. The nearest dynamic resistance sits at the MA-20 ($10.06), while the Ichimoku Kijun remains far above current prices and is not a practical resistance level at this stage. Weekly support is seen at $8.38 and resistance at $9.68. Technical indicators reinforce the bearish bias: the MACD shows a strong sell, ADX signals continued weakness, the RSI is bearish, the Stochastic RSI is overbought, and Bull/Bear Power remains in oversold territory, all pointing to clear seller dominance.

Sideways to lower range expected this week as bullish signals stay absent

For the upcoming 7 days, LINK is expected to remain rangebound between $8.38 and $9.68, with weekly volatility at 7.74%. Given the absence of short-term bullish momentum or oscillator reversals and none of the four key weekly indicators turning bullish, the probability of meaningful upside is less than 20%. The baseline scenario calls for further sideways to downward movement within the defined range. Should LINK break down below $8.38, additional selling could accelerate, while a push above $9.68 would be needed to spark any relief rally — though this appears unlikely given current weekly data.

Anton Kharitonov, expert at Traders Union, notes that Chainlink (LINK) ended the week under strong technical pressure, closing at $9.07 and remaining below all its key weekly moving averages. He highlights the pronounced bearish momentum, with clear dominance from sellers and no significant signs of reversal in indicators. The largest daily net exchange outflow this year suggests some accumulation, but Kharitonov views this as insufficient to offset prevailing weakness. For the coming week, he expects LINK to trade within the $8.38–$9.68 range, with low odds of a breakout or sustained rally. Any decisive move below support could quickly drive new short-term lows. "As long as LINK stays under the $10.06 moving average, I remain cautious and see no technical case for recovery this week."

Earlier, analysts noted that Chainlink was experiencing persistent bearish momentum despite continued ecosystem growth. The latest exchange outflow data and weak technical indicators reinforce this cautious outlook, with the prevailing scenario pointing to further sideways or downside movement in the near term.

Source of Data: LINK Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

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