Chainlink Price Rally Fails to Trigger Reserve Spike

Chainlink's LINK token has seen a significant price surge from $9 to over $15.50 after breaking out of a seven-month range between $7 and $10 in September.

According to data, exchange reserves for the token have remained flat at around 124 million LINK throughout this period, which is near a multi-year low and below the peak of 190 million seen in early 2024.

This behavior contrasts with previous rallies where reserve spikes often preceded local price tops.

Analyst R3N noted that a repeating sawtooth pattern has emerged on the Chainlink exchange reserves chart since late 2023, characterized by gradual reserve builds followed by sharp spikes. However, this cycle did not play out in the latest rally.