Chainlink Breaks Downtrend Resistance, Surges to Highest Level Since January

Chainlink's recent surge is showing no signs of slowing down. The token has broken through its yearly downtrend resistance, reaching an intraday high of $10.56 and climbing nearly 7% in the past 24 hours.

This breakthrough comes after months of lower highs and declining momentum across the broader altcoin market.

According to on-chain data from Santiment, a large decline in LINK supply sitting on exchanges has contributed to the token's price increase. Over the past five weeks, 13.5 million LINK left exchanges, accounting for more than 10.5% of the exchange-held supply from early April.