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Oracle service provider Chainlink (LINK) has been on investors’ radar recently with more than 8% gains over the last week. On Monday, January 15, the LINK price surged all the way to $16. However, Chainlink price is down more than 3% trading at $15.12 and a market cap of $8.58 billion at the of press time writing.
Chainlink Exchange Supply Drops to 4-Year Low
In a recent analysis by on-chain data provider Santiment, Chainlink (LINK) experienced a noteworthy uptick over the weekend, reaching $15.82, marking its highest point in the past two weeks.
The data further reveals a significant development as the supply of LINK on exchanges has dropped below 15%, a level not witnessed in approximately four years. Additionally, the number of wallets holding more than zero LINK coins is now approaching 6% of its all-time high, indicating heightened activity and potential market dynamics for Chainlink.
Furthermore, according to insights from crypto analyst Ali Martinez, Chainlink (LINK) has established a robust demand zone within the price range of $14.8 and $15.2. Notably, this zone attracted the interest of 17,650 addresses, leading to the acquisition of a substantial 85.12 million LINK tokens.
With the absence of significant resistance levels in the immediate future, the analysis suggests that LINK could be poised for a potential upward movement, with a target projection towards the $20 mark.
The LINK Price Rally to Continue?
In the past month, Chainlink (LINK) has observed a notable uptick, marking a 4% increase amid the ongoing market dynamics characterized by the interplay between bullish and bearish forces. The bulls currently seem to be gaining dominance in this financial tug-of-war.
Over the recent weekend, LINK experienced a minor breakout, reaching a two-week high at $15.86. Presently, the cryptocurrency is trading above the $15 support level, fostering optimism among analysts for forthcoming bullish trends in LINK’s price.
The current state of LINK’s price is at a pivotal juncture, where a breakthrough beyond $17 could propel it towards the $20 threshold, potentially reaching new highs. Conversely, a decline might lead to a loss of crucial support at $13.
A dip below this level, especially touching the 100-day Simple Moving Average (SMA) at $13.19, would negate the bullish outlook, potentially triggering a more significant downturn. These scenarios highlight the inherent volatility and unpredictability of the cryptocurrency market.
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