Chainlink Up Nearly 12%: Are Exchange Outflows Driving The Rally?
Main Idea
Chainlink (LINK) has experienced a significant price surge amid continuous exchange outflows, with analysts noting a correlation between reduced supply on exchanges and the asset's recent gains.
Key Points
1. Chainlink's price has risen nearly 12% over the past week, coinciding with sustained exchange outflows of 3.86 million tokens ($51.26 million) since June 20.
2. On-chain data shows LINK's Exchange Netflow has been negative for ten consecutive days, suggesting reduced selling pressure.
3. Bitcoin has also seen recent exchange outflows, as highlighted by on-chain analytics, though its price movement has been more sideways.
4. At the time of reporting, Chainlink's price was $13.22, down slightly (1%) over 24 hours after peaking earlier.
5. The article references broader crypto trends, including Bitcoin's profit realization and social media buzz around Chainlink's performance.
Description
Chainlink has gone up by almost 12% during the past week as on-chain data shows investors have continuously been withdrawing from exchanges. LINK Exchange Netflow Has Been Negative For Last Ten Days In a new post on X, the institutional DeFi solutions provider Sentora has talked about the latest trend in the Exchange Netflow of Chainlink. The “ Exchange Netflow ” is an indicator that measures the net amount of the asset that’s entering or exiting the wallets associated with centralized exchanges...
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