Rally

Chainlink

<p>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.</p> 
<h2 id="chainlink-exchange-supply-drops-to-4-year-low">Chainlink Exchange Supply Drops to 4-Year Low</h2> 
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            <p>In a recent analysis by on-chain data provider Santiment, Chainlink (LINK) experienced a noteworthy uptick over the weekend, reaching $15.82, marking its <a href="https://coingape.com/chainlink-market-cap-soars-143-whale-accumulates-50-mln-link/" target="_blank" rel="noopener">highest point</a> in the past two weeks.</p> 
            <p>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.</p> 
            <figure id="attachment_174378" aria-describedby="caption-attachment-174378" style="width: 100%" class="wp-caption aligncenter">
             <img decoding="async" class=" wp-image-174378" src="https://coingape.com/wp-content/uploads/2024/01/Chainlink-LINK-Exchange-supply.jpeg" alt="" width="786" height="507" srcset="https://coingape.com/wp-content/uploads/2024/01/Chainlink-LINK-Exchange-supply.jpeg 2701w, https://coingape.com/wp-content/uploads/2024/01/Chainlink-LINK-Exchange-supply-300x194.jpeg 300w, https://coingape.com/wp-content/uploads/2024/01/Chainlink-LINK-Exchange-supply-1224x790.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/01/Chainlink-LINK-Exchange-supply-768x496.jpeg 768w, https://coingape.com/wp-content/uploads/2024/01/Chainlink-LINK-Exchange-supply-1536x991.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/01/Chainlink-LINK-Exchange-supply-2048x1322.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/01/Chainlink-LINK-Exchange-supply-150x97.jpeg 150w" sizes="(max-width: 786px) 100vw, 786px">
             <figcaption id="caption-attachment-174378" class="wp-caption-text">
              Courtesy: Santiment
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            <p>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.</p> 
            <p>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.</p> 
            <figure id="attachment_174380" aria-describedby="caption-attachment-174380" style="width: 100%" class="wp-caption aligncenter">
             <img decoding="async" class="size-full wp-image-174380" src="https://coingape.com/wp-content/uploads/2024/01/Chainlink-LINK-Demand-Supply.jpeg" alt="" width="1168" height="421" srcset="https://coingape.com/wp-content/uploads/2024/01/Chainlink-LINK-Demand-Supply.jpeg 1168w, https://coingape.com/wp-content/uploads/2024/01/Chainlink-LINK-Demand-Supply-300x108.jpeg 300w, https://coingape.com/wp-content/uploads/2024/01/Chainlink-LINK-Demand-Supply-768x277.jpeg 768w, https://coingape.com/wp-content/uploads/2024/01/Chainlink-LINK-Demand-Supply-150x54.jpeg 150w" sizes="(max-width: 1168px) 100vw, 1168px">
             <figcaption id="caption-attachment-174380" class="wp-caption-text">
              Courtesy: Ali Charts
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            </figure> 
            <h2 id="the-link-price-rally-to-continue">The LINK Price Rally to Continue?</h2> 
            <p>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.</p> 
            <p>Over the recent weekend, LINK experienced a <a href="https://coingape.com/markets/chainlink-price-prediction-is-it-a-good-time-to-buy-link-with-solid-demand-at-14-8/" target="_blank" rel="noopener">minor breakout</a>, 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.</p> 
            <p>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.</p> 
            <p>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.</p> 
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<p>The post <a href="https://coingape.com/chainlink-link-price-eyes-20-as-exchange-supply-drops-to-4-year-low/">Chainlink (LINK) Price Can Rally To $20 As Exchange Supply At 4-Year Low</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Chainlink (LINK) Price Can Rally To $20 As Exchange Supply At 4-Year Low

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