Chainlink’s Supply Drain Aligns With Steep Price Expansion as Analysts Plot Higher Targets

LINK reserves fell from 195M to 159.2M while price climbed from $6 to $24.5, indicating continued accumulation.

Mid cycle reserve spikes in 2023–2024 aligned with local peaks near $12–$18 before outflows resumed.

Quantum Ascend projects $81, $51, and $130 wave targets as liquidity drops and market cap expands.

Chainlink’s exchange supply has entered a steep decline while its market value accelerates, creating a clear supply demand divergence. Data shared by market commentator Quinten shows LINK token reserves on centralized exchanges falling from above 195 million tokens in early 2023 to approximately 159.2 million by September 2025

During the same stretch, LINK’s price changes from the $6–$9 range to roughly $24.5. This pattern indicates that tokens are consistently being withdrawn from trading venues, reducing liquid supply available for immediate selling.

Exchange Spikes Have Align

Although the broader move shows reserves trending lower, several sharp inflows appeared mid 2023, early 2024, and mid 2024. Notably, each of these spikes coincided with local price peaks between $12 and $18

Source: Quinten on X

These events likely showed profit taking, as traders moved tokens back to exchanges before selling into strength. However, once deposits settled, outflows resumed, and reserves returned to their downward movement. This consistent drain suggests that accumulation continued despite temporary selling phases.

Accelerated Recovery From Late 2024 Into 2025

From late 2024 onward, LINK recovered from lows near $6 and approached $30 by mid 2025. The rise unfolded in direct contrast with reserves dropping to their lowest point in more than two years

Quinten also referenced broader institutional developments surrounding Chainlink, listing “global banks adopting it,” a “Chainlink Reserve,” a “LINK ETF coming,” and “the U.S. government working with it.”

These claims remain unconfirmed by official sources; however, they add context to growing interest surrounding LINK’s long term role in infrastructure applications.

Long Term Targets

Another commentator Quantum Ascend outlined potential “altseason targets” for LINK, describing a projected pathway based on wave structure. According to his breakdown, “Wave 3” aligns with $81, “Wave 4” with $51, and “Wave 5” with $130

He emphasized that “Market Cap > Price,” implying that valuation expansion could accelerate as liquidity compresses further. While such levels remain far from current trading ranges, prior accumulation trends provide a measurable reference for supply based momentum.

Each previous decline in reserves preceded sustained price expansion, while each surge in deposits aligned with temporary peaks. Whether reserves continue trending downward or reverse sharply will determine the strength of the current move.

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