Blockchain Analytics Platform Santiment Reports Bullish Signals for Chainlink (LINK)
Santiment, a blockchain analytics platform, has identified two bullish signals for decentralized oracle provider Chainlink (LINK). Firstly, the overall supply of Chainlink on crypto exchanges has reached its lowest level since February 2020. Additionally, the number of unique LINK addresses holding a positive amount of coins is approaching an all-time high. Chainlink experienced a mini breakout last weekend, reaching $15.82 for the first time in two weeks. The supply of LINK on exchanges is now below 15%, a four-year low, while the number of non-zero coin wallets is within 6% of its all-time high. At present, Chainlink is trading at $15.08, representing a nearly 1% increase in the last 24 hours.
Market Trends Following Spot Bitcoin ETF Approvals
Santiment also analyzed market trends following the approval of spot Bitcoin exchange-traded funds (ETFs) and found that there was bullish sentiment towards Bitcoin, Ethereum (ETH), and XRP. Conversely, there was bearish sentiment towards ETH competitor Cardano (ADA). Traders displayed particularly bullish sentiment towards Ethereum after its market value surpassed $2,700 for the first time since May 2022. There was also notable bull bias towards Bitcoin and XRP Network. However, Cardano received less attention compared to its usual level of trader optimism.
Hot Take: Chainlink’s Decreasing Supply on Exchanges and Growing Number of Non-Zero Wallets Indicate Potential Upside
The decreasing supply of Chainlink on crypto exchanges and the increasing number of non-zero coin wallets holding LINK are positive indicators for the future price of LINK. A lower supply suggests that more holders are moving their tokens off exchanges and potentially staking or utilizing them in various DeFi applications. This could create a scarcity effect and drive up the demand for LINK, leading to price appreciation. Additionally, the growing number of non-zero wallets indicates a higher level of investor participation and interest in Chainlink. As more investors acquire and hold LINK, it strengthens the overall network and its value proposition. These bullish signals suggest that Chainlink may be poised for further upside potential in the market.
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