Chainlink’s Potential For Bullish Rally Amidst Withdrawals From Exchanges 🚀
Recently, there has been a significant movement of Chainlink tokens away from centralized exchanges, indicating a shift towards a long-term holding strategy by investors. The withdrawal of approximately 8.7 million LINK tokens, valued at around $110 million, from exchanges in the last two weeks reflects a growing confidence in the altcoin among holders. This accumulation trend raises the question of whether the LINK price is gearing up for a potential rally in the near future.
$110 Million Worth Of LINK Leave Centralized Exchanges
Recent on-chain data suggests that investors are actively moving their Chainlink tokens from centralized exchanges to hold them for the long term. According to IntoTheBlock, a total of 8.7 million LINK tokens, equivalent to $110 million, have been withdrawn from exchanges in the past two weeks, indicating a significant shift in investor behavior.
– The Netflows metric tracks the difference between tokens entering and leaving exchanges
– A negative Netflows value indicates an outflow of assets from exchanges
– Positive Netflows value signifies an inflow of assets into exchanges
Investors moving their Chainlink tokens off exchanges is a positive sign, signaling a potential accumulation phase. This behavior showcases growing confidence in the altcoin’s future prospects as holders opt for long-term positions over short-term trades.
> Such activity is typically associated with an accumulation phase, indicating that investors are moving $LINK off exchanges and into long-term holdings.
Another blockchain analytics firm, Santiment, reported a significant accumulation of Chainlink tokens by large stakeholders. Investors holding between 10,000 to 1,000,000 LINK have added 9.2 million tokens to their holdings since June 24, reaching a total of 207.29 million coins, marking an 8-month high in their holdings.
– Data from Santiment shows major accumulation by large Chainlink stakeholders
– Investors in the 10,000 to 1,000,000 LINK range added 9.2 million coins since June 24
– Total holdings for this investor cohort reached 207.29 million LINK, an 8-month peak
While the current price of Chainlink hovers around $12.94, reflecting a recent 3.4% increase in the last 24 hours, its overall performance has seen a 2.5% uptick over the past week. Despite this positive momentum, the altcoin has experienced a 10% decline over the past two weeks. However, the decreasing supply of LINK tokens on exchanges could potentially pave the way for a bullish rally in the near future.
Hot Take 📈
As Chainlink investors continue to withdraw their tokens from centralized exchanges and opt for long-term holdings, the altcoin’s potential for a bullish rally seems promising. The recent accumulation trend and increased investor confidence could set the stage for an upward price movement in the coming days. Keep an eye on Chainlink as it navigates through this transition period in the crypto market.
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