Key Insights:
- Chainlink achieves a two-week high at $15.82, signaling a mini breakout.
- The exchange supply of $LINK falls below 15%, a four-year low.
- The number of coin wallets that are more than 0 is near an all-time high, reaching 713.56k.
Chainlink, a well-regarded player in the cryptocurrency market, has recently witnessed a significant shift in its trading landscape. This weekend marked a notable moment for Chainlink as its value soared to $15.82. This peak, the first in two weeks, indicates a mini breakout for the digital asset.
Moreover, the supply of $LINK on exchanges has notably dipped below 15%. This level is the lowest observed in approximately four years, dating back to early 2020. Such a decline in exchange supply often indicates increased holding sentiment among investors, a key factor in the asset’s current market dynamics.
Wallet Growth Approaches All-Time High
Additionally, the Chainlink network is experiencing a surge in wallet activity. The number of wallets holding more than zero coins is within 6% of its all-time high, currently standing at an impressive 713.56k. This growth in active wallets strongly indicates the expanding user base and heightened interest in Chainlink.
Collectively, these developments underscore a strengthening position for Chainlink in the cryptocurrency market. The increased value and a significant reduction in exchange supply highlight investor confidence and a potential shift towards long-term holding strategies. Consequently, these factors contribute to Chainlink’s market presence’s overall health and stability.
As of this writing, Chainlink is exchanging hands at $15.70, up by over 4 percent in the past 24 hours. Over the past 7 days, LINK has recorded an increase of over 10 percent while the monthly gain remains at 7.03 percent. The market capitalization and daily trading volume have increased, too, climbing to $8.89 billion and $704 million, respectively.
Conclusion
Chainlink’s recent performance marks a notable chapter in its market journey. With its price reaching a two-week high, a record low in exchange supply, and a near-all-time high in active wallets, Chainlink is solidifying its position as a key player in the cryptocurrency landscape. This trend reflects growing investor confidence and robust community engagement, essential components for the sustained success of any digital asset.
Personal Note From MEXC Team
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