Chainlink (LINK) Price Gains in September Suggest Continued Success in October
Chainlink (LINK) experienced a 38% price increase in September, making it one of the top-performing assets in the crypto rankings. This growth was driven by organic growth in Chainlink’s fundamentals, rather than market speculation. The network has consistently attracted a high number of active addresses, indicating sustained organic growth. In fact, the last time Chainlink saw this level of network usage was in January 2021 when LINK prices were around $20. The increased network activity suggests that Chainlink is benefiting from the Real World Asset (RWA) and asset tokenization wave.
Chainlink Exchange Supply Reaches Historic Lows
The supply of LINK on exchanges has dropped to historic lows, indicating that Chainlink holders are preparing for further bullish action. When exchange reserves decrease, LINK price tends to rally, as observed in July and September 2023. This drop in exchange supply coupled with increased network activity may trigger another LINK price rally in October.
LINK Price Prediction: $10 Mark within Reach
From an on-chain perspective, Chainlink is well-positioned to reclaim the $10 mark. The Global In/Out of Money Around Price (GIOM) data supports this prediction, showing that if Chainlink bulls can surpass the initial sell-wall at $8, the price could reach $10. However, if the price drops below $5, there is a significant support buy-wall at that level which may prevent further decline.
Hot Take: Chainlink’s Continued Success Depends on Network Activity and Exchange Supply
Chainlink’s impressive performance in September and the drop in exchange supply indicate positive prospects for October. The sustained high network activity and low exchange reserves suggest strong organic growth and investor confidence. If these trends continue, Chainlink may experience further price appreciation and potentially reach the $10 mark. However, a failure to maintain network activity or a significant drop in exchange supply could hinder Chainlink’s bullish momentum.
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