Chainlink Price Eyes Major Boost Following $60 Million Pullout
The post Chainlink Price Eyes Major Boost Following $60 Million Pullout appeared on BitcoinEthereumNews.com.
More than six million Chainlink (LINK) tokens have been pulled from exchanges in the last seven days. This large outflow indicates growing confidence among LINK investors, as many are choosing to keep their assets in private wallets instead of centralized exchanges. With LINK’s price already showing signs of resilience, this trend might set the stage for further upward momentum, making it a key cryptocurrency to watch in the coming days. Chainlink Tokens See Massive Exodus According to Glassnode, Chainlink saw a brief surge in tokens sent to exchanges between September 5 and 9, coinciding with a price drop from nearly $11 to $9.20. However, since September 10, over six million tokens worth more than $60 million have been withdrawn from exchanges. This kind of movement typically indicates bullish sentiment, as reduced selling pressure on exchanges can support price appreciation. At press time, Chainlink is trading at $10.60. If the trend continues, the cryptocurrency could retest the $12 level and potentially break above it. Read more: Top 11 DeFi Protocols To Keep an Eye on in 2024 Chainlink Exchange Net Position Change. Source: Glassnode Furthermore, the Bulls and Bears indicator reinforces the bullish outlook. This metric tracks the number of addresses that bought or sold at least 1% of the total trading volume in a given day. Crypto bulls are addresses that purchased at least 1% of the volume, while bears sold a similar amount. According to IntoTheBlock’s data, Chainlink bulls have bought more volume than the bears have sold. With this higher level of accumulation, it’s less likely that Chainlink will drop to single-digit values again, as it did recently. Chainlink Bulls and Bears Indicator. Source: IntoTheBlock LINK Price Prediction: Boost on the Horizon On the daily chart, the Parabolic Stop-and-Reverse (SAR) indicator flashed a bullish signal. The SAR determines an…
Filed under: News - @ September 16, 2024 7:22 pm