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Chainlink (LINK) shows bullish potential as exchange outflows surge. Recent data from on-chain analytics firm Santiment indicates that Chainlink (LINK) shows bullish signs due to significant outflows from centralized exchanges. The Supply on Exchanges metric, which tracks the percentage of LINK held in exchange wallets, has notably declined.
CRYPTO BREAKING NEWS
— InnovatekMobile (@Neome_com) July 23, 2024
Chainlink (LINK) Forms Signal That Last Led To 123% Rally. On-chain data shows Chainlink has just seen a level of decline in its exchange reserve that last led to a massive rally for the cryptocurrency. Chainlink Exchange Supply Has Dropped By 1.6% In The… pic.twitter.com/VjSqOhes9w
This trend suggests that investors are moving their LINK to self-custody, indicating plans to hold the asset for the long term. Typically, when coins are withdrawn from exchanges, it signals reduced selling pressure and increased confidence among holders. Consequently, this shift in investor behavior is viewed as a positive indicator for LINK’s future price movements, hinting at potential bullish momentum for the cryptocurrency.
Key Chainlink Levels To Watch – July 24
The LINKUSD pair shows a bullish direction, currently trading above the key support level at $12.540. The price is approaching the 9-day SMA at $14.020, indicating potential upward momentum.
The recent Change of Character (CHoCH) suggests a shift towards bullish sentiment. A breakout above the immediate resistance at $16.260 could see the price target higher levels at $20.740 and $22.880.
Chainlink Key Levels
Resistance Levels: $20.740, $22.880, $25.000
Support Levels: $16.260, $12.540, $9.700
LINK Metrics
Total Market Capitalization: $2.40T
Chainlink Market Capitalization: $8.30B
Chainlink Volume: $217.83M
Market Rank: #15
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