Chainlink’s (LINK) supply on exchanges has significantly decreased, dropping from 23.0% to 21.4% over the past 30 days.
This notable reduction mirrors a similar decline observed between September 15 and October 14, when LINK surged by 123% over the subsequent four weeks.
đđ§ Chainlink's supply on exchanges has dropped from 23.0% to 21.4% in just the past 30 days. The last time we saw this level of decline of LINK coins on exchanges, from Sep. 15 to Oct. 14, the 15th ranked market cap coin surged +123% over the next 4 weeks. pic.twitter.com/K9zPOAwdiz
— Santiment (@santimentfeed) July 22, 2024
Prominent analyst Ali Martinez has highlighted that the TD Sequential indicator is presenting a buy signal on the Chainlink 4-hour chart. This is a bullish sign for traders and investors looking for potential upward movements.
The TD Sequential presents a buy signal on the #Chainlink $LINK 4-hour chart! pic.twitter.com/iEdAZZu43W
— Ali (@ali_charts) July 23, 2024
Chainlink LINK Expresses A Bullish Signal TrendÂ
Adding to the positive outlook, the falling wedge pattern for LINK has completed, which typically signals a bullish trend reversal. The high trading volume and the completion of the triangle pattern further strengthen this bullish sentiment.
The falling wedge pattern for $LINK has completed, potentially signaling an upward move. The high interest in volume and the completed triangle pattern add to the bullish sentiment. Keep a close watch on this!
#LINK #crypto #trading #technicalanalysis pic.twitter.com/WQF9GVEHSe— Nadezhada (@nade_zhada) July 23, 2024
Historically, a decrease in the supply of a cryptocurrency on exchanges indicates that holders are moving their tokens to long-term storage, reducing the immediate selling pressure. This reduction in available supply can often lead to price increases, as demand outstrips supply.
With these technical indicators and historical patterns aligning, Chainlink appears poised for a potential surge. Investors and traders will be closely monitoring these signals, anticipating a repeat of the significant price movement seen in the past under similar conditions.
Overall, the combination of the reduced exchange supply, positive technical indicators, and historical precedents suggests that Chainlink could experience a strong upward move in the near future. As the market continues to react to these developments, LINK may offer substantial opportunities for growth.
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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Image Source: skorzewiak/123RF // Image Effects by Colorcinch
