Chainlink’s (LINK) Supply on Exchanges Hits 4-Year Low: Data
Chainlink’s native token – LINK – experienced a noteworthy recovery after a significant downturn, briefly dipping below the crucial $13 support level earlier this month. This decline was attributed to widespread speculation surrounding the potential rejection of the spot Bitcoin ETF by the US Securities and Exchange Commission (SEC).
The latest data suggest that LINK is enjoying “mild decoupling” from the altcoin pack as its ratio on crypto exchanges hit a 4-year low.
Chainlink’s Weekend Breakout
LINK’s fortunes turned around during the weekend, as it witnessed a mini breakout, surging to $15.82 for the first time since April 6, 2022.
Contributing to the positive momentum, the supply of LINK on exchanges fell below the 15% mark for the first time in roughly four years, as revealed in Santiment’s most recent analysis. This is the lowest level recorded since February 5, 2020, and signaled a decrease in the inclination to sell, suggesting that investors are optimistic about the potential for further gains.
#Chainlink enjoyed a mini breakout this weekend, hitting $15.82 for the first time in 2 weeks. The supply of $LINK on exchanges is below 15% for the first time in ~4 years, and the amount of >0 coin wallets is within 6% of its #AllTimeHigh. https://t.co/IodNDKZl5q pic.twitter.com/OLTFxfuVlw
— Santiment (@santimentfeed) January 15, 2024
Additionally, the number of wallets holding more than zero coins is nearing its all-time high, standing at a mere 6% below the peak. This figure is currently sitting at 713.56k.
These indicators essentially pointed to a renewed bullish sentiment and growing investor confidence in LINK, which is currently the 13th-largest crypto asset by market cap.
Focus for 2024
According to a recent update, there were integrations of four Chainlink services across seven different chains, such as Arbitrum, BNB Chain, Ethereum, Optimism, Polygon, zksync, and Linea.
Last month, Chainlink said it was working towards bridging the gap between traditional finance (TradFi) and blockchain technology. As part of this, the Oracle provider revealed its intention to support the virtual tokenization of Real World Assets (RWAs) on the blockchain.
Chainlink had previously introduced the Cross Chain Interoperability Protocol (CCIP) to enable cross-chain transactions, a major element for integrating capital markets and RWAs into the blockchain.
The post Chainlink’s (LINK) Supply on Exchanges Hits 4-Year Low: Data appeared first on CryptoPotato.