Chainlink (LINK) is demonstrating potential signs of a revival, overcoming recent challenges in the market. Over the weekend, LINK experienced a noteworthy breakthrough, reaching $15.82 for the first time in two weeks.
A particularly significant aspect of this resurgence is the fact that exchanges now hold less than 15% of the total supply of $LINK, a level not seen in approximately four years.
🔗📈 #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
The decreasing ratio of LINK on exchanges, now at 14.87%, marks the lowest point since February 5, 2020. Concurrently, the number of wallets holding more than zero LINK coins is approaching its all-time high, currently standing at 713,560 wallets.
Robust Demand Zone For Chainlink At $14.8 To $15.2 Price Range
Insights from Ali’s analysis reveal that Chainlink has established a robust demand zone within the $14.8 to $15.2 range. Notably, during this period, 17,650 addresses collectively purchased 85.12 million $LINK.
With minimal resistance on the horizon, LINK appears poised for potential advancement towards the $20 mark. As of today, Chainlink has gained 4%, currently trading at $15.62.
#Chainlink has built a solid demand zone between $14.8 and $15.2, where 17,650 addresses bought 85.12 million $LINK. With the lack of resistance ahead, #LINK could be positioned to advance toward $20. pic.twitter.com/jJwfVbM4eE
— Ali (@ali_charts) January 15, 2024
These positive indicators suggest a potential upward trend for Chainlink, with favorable market dynamics and a strengthening demand zone. The recent surge in LINK’s price and the diminishing supply on exchanges contribute to an optimistic outlook for the cryptocurrency, sparking interest and anticipation among investors and enthusiasts alike.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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