{"id":631109,"date":"2024-07-23T21:00:12","date_gmt":"2024-07-23T21:00:12","guid":{"rendered":"https:\/\/wncen.com\/?p=631109"},"modified":"2024-07-23T13:55:11","modified_gmt":"2024-07-23T13:55:11","slug":"chainlink-link-forms-signal-last-led-123-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/chainlink-news\/chainlink-link-forms-signal-last-led-123-rally\/","title":{"rendered":"Chainlink (LINK) Forms Signal That Last Led To 123% Rally"},"content":{"rendered":"

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.<\/p>\n

Chainlink Exchange Supply Has Dropped By 1.6% In The Past Month<\/h2>\n

According to data from the on-chain analytics firm Santiment<\/a>, Chainlink has observed significant outflows from exchanges recently. The indicator of interest here is “Supply on Exchanges<\/a>,” which, as its name suggests, keeps track of the percentage of the total circulating LINK supply that’s currently sitting in the wallets of all centralized exchanges.<\/p>\n

Related Reading: Last Resistance: Bitcoin Now Testing Final Short-Term Holder Cost Basis<\/a><\/div>\n

When the value of this metric rises, it means these platforms are receiving a net amount of deposits right now. As one of the main reasons why investors may transfer to exchanges is for selling-related purposes, such a trend can have bearish implications for the asset.<\/p>\n

On the other hand, the indicator registering a decline implies a net outflow of coins is occurring from the exchanges.\u00a0Holders generally withdraw their coins to\u00a0<\/span>self-custody<\/a> when they plan to hold into the long term, so this kind of trend can be bullish for the cryptocurrency’s price.<\/span><\/p>\n

Now, here is a chart that shows the trend in the Chainlink Supply on Exchanges over the past year or so:<\/p>\n

\"Chainlink
Looks like the value of the metric has seen a sharp decline in recent days | Source: Santiment on X<\/a><\/figcaption><\/figure>\n

As displayed in the above graph, the Chainlink Supply on Exchanges has witnessed a sharp drawdown recently. More specifically, investors have withdrawn around 1.6% of the asset’s entire supply in circulation over the past month.<\/p>\n

This is a very notable decrease and suggests there is some strong demand from the whales<\/a> for accumulation. The last time the metric saw a significant drop was in the early part of the year. This last decrease of 1.1% led to a LINK price rally of around 10%.<\/p>\n

In December, a similar trend was observed, with withdrawals equivalent to 0.7% of the supply resulting in a 26% jump in the coin. Both of these instances, though, saw outflows of a smaller degree than what LINK has seen recently.<\/p>\n

From the chart, it’s visible that the last time a similar percentage of supply exited these platforms was between 15th of September and 14th of October. What followed this withdrawal spree was a massive 123% surge in the Chainlink price over the next four weeks.<\/p>\n

As a similar decline has occurred again in the indicator with the exchange supply dropping from 23% to 21.4%, it’s possible that LINK could end up seeing a bullish effect this time as well.<\/p>\n

Related Reading: Solana Cooling Off After 16% Surge? TD Sell Signal Goes Off<\/a><\/div>\n

It only remains to be seen, though, if any resulting rally would be of a similar scale as that other instance, or if only a small increase will happen, like after the last two outflow streaks.<\/p>\n

LINK Price<\/h2>\n

At the time of writing, Chainlink is trading around $13.9, down more than 2% over the past 24 hours.<\/p>\n

\"Chainlink
The price of the coin appears to have seen a decline over the last couple of days | Source: LINKUSD on TradingView<\/a><\/figcaption><\/figure>\n
Featured image from Shutterstock.com, Santiment.net, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

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 Past Month According to data from the on-chain analytics firm Santiment, Chainlink has observed significant outflows from exchanges recently. The indicator of interest here is “Supply on Exchanges,” which, as its name suggests, keeps track of the percentage of the total circulating LINK supply that’s currently sitting in the wallets of all centralized exchanges. Related Reading: Last Resistance: Bitcoin Now Testing Final Short-Term Holder Cost Basis When the value of this metric rises, it means these platforms are receiving a net amount of deposits right now. As one of the main reasons why investors may transfer to exchanges is for selling-related purposes, such a trend can have bearish implications for the asset. On the other hand, the indicator registering a decline implies a net outflow of coins is occurring from the exchanges.\u00a0Holders generally withdraw their coins to\u00a0self-custody when they plan to hold into the long term, so this kind of trend can be bullish for the cryptocurrency’s price. Now, here is a chart that shows the trend in the Chainlink Supply on Exchanges over the past year or so: As displayed in the above graph, the Chainlink Supply on Exchanges has witnessed a sharp drawdown recently. More specifically, investors have withdrawn around 1.6% of the asset’s entire supply in circulation over the past month. This is a very notable decrease and suggests there is some strong demand from the whales for accumulation. The last time the metric saw a significant drop was in the early part of the year. This last decrease of 1.1% led to a LINK price rally of around 10%. In December, a similar trend was observed, with withdrawals equivalent to 0.7% of the supply resulting in a 26% jump in the coin. Both of these instances, though, saw outflows of a smaller degree than what LINK has seen recently. From the chart, it’s visible that the last time a similar percentage of supply exited these platforms was between 15th of September and 14th of October. What followed this withdrawal spree was a massive 123% surge in the Chainlink price over the next four weeks. As a similar decline has occurred again in the indicator with the exchange supply dropping from 23% to 21.4%, it’s possible that LINK could end up seeing a bullish effect this time as well. Related Reading: Solana Cooling Off After 16% Surge? TD Sell Signal Goes Off It only remains to be seen, though, if any resulting rally would be of a similar scale as that other instance, or if only a small increase will happen, like after the last two outflow streaks. LINK Price At the time of writing, Chainlink is trading around $13.9, down more than 2% over the past 24 hours. Featured image from Shutterstock.com, Santiment.net, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":631163,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[89589],"tags":[16295,88097,92798,92799,90559,16097,75940],"class_list":["post-631109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chainlink-news","tag-chainlink","tag-chainlink-bullish","tag-chainlink-exchange-outflows","tag-chainlink-exchange-supply","tag-chainlink-signal","tag-link","tag-linkusd"],"acf":[],"yoast_head":"\nChainlink (LINK) Forms Signal That Last Led To 123% Rally<\/title>\n<meta name=\"description\" content=\"Data shows Chainlink has just seen a level of decline in its exchange reserve that last led to a massive rally for the cryptocurrency.\" \/>\n<meta name=\"robots\" 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Chainlink (LINK) Forms Signal That Last Led To 123% Rally","url":"http:\/\/wncen.com\/chainlink-news\/chainlink-link-forms-signal-last-led-123-rally\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/chainlink-news\/chainlink-link-forms-signal-last-led-123-rally\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/shutterstock_1048631201.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/shutterstock_1048631201.jpg?fit=4000%2C2670"},"articleSection":"Chainlink News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["chainlink","chainlink bullish","chainlink exchange outflows","chainlink exchange supply","chainlink signal","link","linkusd"],"dateCreated":"2024-07-23T21:00:12Z","datePublished":"2024-07-23T21:00:12Z","dateModified":"2024-07-23T21:00:12Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Chainlink (LINK) Forms Signal That Last Led To 123% Rally\",\"url\":\"http:\\\/\\\/wncen.com\\\/chainlink-news\\\/chainlink-link-forms-signal-last-led-123-rally\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/chainlink-news\\\/chainlink-link-forms-signal-last-led-123-rally\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/shutterstock_1048631201.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/shutterstock_1048631201.jpg?fit=4000%2C2670\"},\"articleSection\":\"Chainlink News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"chainlink\",\"chainlink bullish\",\"chainlink exchange outflows\",\"chainlink exchange supply\",\"chainlink signal\",\"link\",\"linkusd\"],\"dateCreated\":\"2024-07-23T21:00:12Z\",\"datePublished\":\"2024-07-23T21:00:12Z\",\"dateModified\":\"2024-07-23T21:00:12Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/shutterstock_1048631201.jpg?fit=4000%2C2670","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/631109","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=631109"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/631109\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/631163"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=631109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=631109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=631109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}