Chainlink Hits Two-Week High at $15.82 Amidst Exchange Supply Dip

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.

Chainlink Hits Two-Week High at $15.82 Amidst Exchange Supply Dip. LINK/USD Daily Chart, Image By CoinMarket Cap

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.

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