crypto-news-flash.com
- For the first time since May 2022, Chainlink (LINK) price has closed above the weekly 200 Moving Average (MA) in the past four weeks signaling the bulls are in control.
- Following the recent LINK bullish breakout from a year-and-a-half horizontal consolidation, the supply on centralized exchanges has plunged nearly 20 percent YTD.
Chainlink (LINK), a medium-capped altcoin with intense real-world utility, has been on a bullish trajectory since the macro breakout in mid-September. The altcoin with about 703k on-chain holders has gained about 173 percent in the past three months, and the bulls are still in control to close the year on a rising trajectory.
Moreover, LINK has accumulated more positive fundamentals during the crypto bear market including notable partnerships and new products to enhance the mainstream adoption of the web3 industry. According to our latest market data, Chainlink price exchanged around $15.88 on Wednesday, with its daily average trading volume up 50 percent in the past 30 days to about $725 million.
More Reasons to Bet on Chainlink Uptrend
The entire cryptocurrency market is in a bullish uptrend led by Bitcoin which recently reached a new yearly high of around $44.5K. Excluding Bitcoin, the altcoin market capitalization, popularly known as TOTAL2 on TradingView, has successfully retested a recent breakout from a macro ascending triangle.
If the breakout follows Bitcoin’s footsteps, the altcoin market could easily reach $1.2 trillion in the coming weeks. As a result, the robust Chainlink network is well-positioned to benefit from the macro altcoin breakout.
-
Declining supply on exchanges
Moreover, on-chain data analysis provided by market intelligence platform Santiment, shows that the total supply of LINK of centralized exchanges has been declining exponentially year-to-date.
Ideally, the decline of LINK supply on centralized exchanges amid an uptrend market is perceived as a bullish outlook. Moreover, it is an indication that investors are sending their assets to non-custodial wallets in anticipation of more gains.
-
Increased whale demand
The decline of LINK supply on centralized exchanges coincides with a notable whale accumulation, according to Santiment. Notably, the top 200 richest LINK wallets now hold a combined value of about $11.84 billion. Most whale traders are long-term holders thus reducing the LINK circulating supply, which already has a finite supply.
Recommended for you
• From Switzerland to UAE: IOTA’s Global Ecosystem Expansion and $200,000,000 Fund Set the Stage for Massive Price Surge• Bitcoin Security Threat? Attorney Deaton Reacts to SEC’s Language Request• A Shift in Crypto Focus: From Dogecoin and Shiba Inu to a New Coin with Immense Potential
-
Improved infrastructure
The Chainlink team has registered notable growth in the past few months through its Cross-Chain Interoperable Protocol. Meanwhile, the Chain network is preparing for the v0.2 staking program that involves an increased pool to attract more players to secure the ecosystem.
LINK Price Action
In the past five weeks, LINK price has been accumulating more buyers after hitting a significant resistance range between $15.4 and $16.4. In the four-hour time frame, the LINK price has been forming an ascending triangle coupled with the 50 and 200 Moving Averages acting as a strong support, which is often followed by a bullish breakout. If the LINK price follows the footsteps of Bitcoin in the coming weeks, the altcoin is likely to reach $24 more quickly than it hit $15.