HomeNewsLINKing Upwards: Chainlink (LINK) Price Eyes $20 Amidst Exchange Supply Plunge

LINKing Upwards: Chainlink (LINK) Price Eyes $20 Amidst Exchange Supply Plunge

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  • Chainlink (LINK) has seen increased investor interest, with the price recently touching $16 and a strong demand zone established between $14.8 and $15.2.
  • The supply of LINK on exchanges has dropped to below 15%, a four-year low, indicating a potential for further price increase towards the $20 mark.

Chainlink’s Rising Trajectory

Oracle service provider Chainlink (LINK) is experiencing a surge in investor interest, recording more than 8% gains over the past week. This uptick in attention comes as the LINK price momentarily reached $16 on Monday, January 15. Despite a slight pullback, Chainlink’s market cap stands at a robust $8.5 billion, as of the latest figures.

Exchange Supply Dwindles to a Four-Year Low

Recent on-chain analysis by Santiment has revealed a significant drop in Chainlink‘s exchange supply, falling below 15%. This level has not been observed in approximately four years, signaling a noteworthy shift in market dynamics. The data also indicates a rise in the number of wallets holding LINK, nearing 6% of its all-time high. This increase suggests a growing interest and activity in the Chainlink market.

Demand Zone and Price Projections

Crypto analyst Ali Martinez highlighted a strong demand zone for LINK between $14.8 and $15.2. This zone has attracted the acquisition of 85.12 million LINK tokens by 17,650 addresses. With no major resistance levels in the near future, LINK appears poised for an upward movement, potentially targeting the $20 mark.

The LINK Price Rally: What’s Next?

Chainlink has been witnessing consistent growth over the past month, with a 4% increase in its price. Over the recent weekend, LINK achieved a two-week high of $15.86. Currently, the cryptocurrency is sustaining above the $15 support level, fueling optimism for a continued bullish trend.

Crucial Levels to Watch

The immediate future of LINK’s price hangs in balance at a crucial juncture. If LINK can successfully breach the $17 mark, it could accelerate towards the $20 level, setting new highs. However, a downturn below the key support level of $13 could lead to a dip to the 100-day Simple Moving Average (SMA) at $13.19, potentially reversing the bullish trend.

A Volatile Yet Promising Outlook for LINK

Chainlink’s current market position reflects both the volatility and the potential of the cryptocurrency sector. With its supply on exchanges at a four-year low and heightened investor interest, LINK stands at a pivotal point. The cryptocurrency’s trajectory in the coming weeks will be crucial in determining whether it can achieve the $20 target or if market forces will lead to a reversal of its recent gains.

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Nikita Dmitrievich
Nikita Dmitrievichhttps://www.ethnews.com/
Nikita, a young and ambitious crypto investor who has been actively involved in the cryptocurrency world for the past 6 years. With a keen interest in blockchain technology, Nikita has been investing in various cryptocurrencies and has seen significant returns on his investments. He is passionate about educating others on the potential of cryptocurrencies and frequently shares his insights on social media platforms. Nikita believes that cryptocurrencies are the future of finance and is constantly researching new projects to invest in. With his dedication and knowledge, Nikita is quickly becoming a prominent figure in the crypto community. Business Email: info@ethnews.com Phone: +49 160 92211628