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<p class="is-style-lead">Chainlink price fell 6% to $8.55 on Thursday as crypto investors remained concerned over a potential escalation in the U.S.–Iran war.</p><div id="cn-block-summary-block_38d5c35b096628dffbf081bbb8e6c356" class="cn-block-summary"><div class="cn-block-summary__nav tabs"><span class="tabs__item is-selected">Summary</span></div><div class="cn-block-summary__content"><ul class="wp-block-list"><li>Chainlink price fell around 6% to near $8.5 as broader crypto markets declined amid escalating U.S.–Iran tensions.</li><li>Whale accumulation intensified, with large holders withdrawing up to 26,000 LINK daily, reducing exchange supply and signaling long-term confidence.</li><li>Technical indicators point to a potential rebound toward $10, though short-term downside risk to $8 remains amid macro uncertainty.</li></ul></div></div><p>According to data from crypto.news, Chainlink (<a href="https://crypto.news/price/chainlink/" rel="noopener noreferrer nofollow">LINK</a>) price fell 6% to $8.50 on Thursday as the crypto market fell, reacting to news of the U.S. preparing for a heavy attack on Iran over the next two to three weeks to secure a decisive victory.</p><p>Despite Chainlink’s price drop, a massive accumulation trend by whales suggests that large-scale investors remain bullish on the long-term prospects.</p><p>In an April 1 X <a href="https://x.com/cryptoquant_com/status/2039234851270963214" rel="noopener noreferrer nofollow">post</a>, CryptoQuant analysis of the top 10 outflow transactions showed that whales were withdrawing over 8,000 LINK tokens from Binance daily. Furthermore, the monthly average outflows for the asset have increased from 2,000 LINK to 2,600 LINK per day.</p><p>You might also like: <a href="https://crypto.news/why-is-the-crypto-market-crashing-today-april-2/" rel="noopener noreferrer nofollow"> Why is the crypto market crashing today? (April 2) </a></p><p>The whale withdrawals suggest that they could be moving these funds to cold storage with the intent of holding the tokens for longer periods. Commitment from large holders often sparks retail interest and thereby strengthens the price floor as it tends to reduce the total supply of LINK held on exchanges.&nbsp;</p><p>Notably, exchange supply ratio data from CryptoQuant has shown a consistent drop through February. At the time of writing, the Exchange Supply Ratio stood at 0.127, near monthly lows, a sign of sustained accumulation since mid-February.</p><p>Low exchange balances also help address concerns around sudden short-term selling pressure by limiting the liquid supply available to traders. Subsequently, it can pave the way for a rapid price rebound once macroeconomic tensions ease.</p><h1 class="wp-block-heading" id="chainlink-price-analysis">Chainlink price analysis</h1><p>On the daily chart, Chainlink price has been forming a double-bottom pattern, a bullish reversal signal in technical analysis. It is in the process of completing the second trough of the double bottom.</p><figure class="wp-block-image size-full"><img width="1827" height="954" src="https://media.crypto.news/2026/04/LINKUSDT_2026-04-02_13-27-45.webp" alt="Chainlink price appears to be forming a double bottom pattern on the daily chart." class="wp-image-14455654"><figcaption class="wp-element-caption"> Chainlink price appears to be forming a double bottom pattern on the daily chart — April 2 | Source: <a href="https://crypto.news/price/chainlink/" rel="noopener noreferrer nofollow">crypto.news</a></figcaption></figure><p>Other technical indicators on the daily timeframe seem to favor the bulls. Notably, the Supertrend indicator has turned green. When this signal flips green, it typically suggests that the short-term momentum is shifting in favor of the buyers.</p><p>The Chaikin Money Flow Index has also recorded a positive reading, a sign that institutional capital is steadily entering the market.</p><p>Hence, Chainlink price will likely bounce back to its March 16 high of $10 next. However, it could face a potential drop to $8 amidst the broader market downturn before its next leg up.</p><p>Read more: <a href="https://crypto.news/former-ftx-engineer-nishad-singh-agrees-to-3-7m-penalty-in-cftc-settlement/" rel="noopener noreferrer nofollow"> Former FTX engineer Nishad Singh agrees to $3.7M penalty in CFTC settlement </a></p><p>Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.</p>

Can Chainlink price rally to $10 as whales accumulate?

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