Chainlink (LINK) Shows Bullish Signs as Exchange Supply Hits 4-Year Low

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Chainlink, also known as LINK, has shown impressive growth in the past week. The question many investors are now asking is: Is now the right time to invest in LINK?

The amount of LINK available on exchanges has reached a critical level, which is seen as a bullish sign. But do other metrics agree with this assessment? According to CoinMarketCap, LINK has risen by more than 9% in the last 24 hours. At the time of writing, LINK is trading at $15.05, with a market capitalization of over $8.5 billion. While the price of the token has risen, its supply on exchanges has significantly decreased, which is typically a bullish signal.

According to a recent tweet from Santiment, the supply of LINK on exchanges has fallen below 15% for the first time in about four years. In addition, the number of wallets with more than 0 coins is within 6% of its all-time high. These metrics clearly reflect that investors are buying Chainlink. But is the buying pressure really high? A closer look at the LINK metrics shows that both the supply of LINK on exchanges and the supply off exchanges are closely linked, suggesting that buying and selling pressure is rather neutral.

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Is a trend reversal imminent?

Taking into account the latest data, it cannot be ruled out that LINK may start a bull rally. FLASH, a popular crypto analyst, recently posted a tweet highlighting the possibility of LINK gaining bullish momentum. According to the tweet, the price of LINK could rise soon, which could lead to a bull rally. A look at the daily chart of LINK shows that the Chaikin Money Flow (CMF) has dropped significantly in the past week, which could signal the end of the token’s bull rally. However, some metrics look bullish as its MACD indicates a bullish crossover. Its Relative Strength Index (RSI) also recorded an upward trend and was above the neutral mark, indicating a price increase.

Assuming LINK does manage to rise, there could be some resistance zones it could hit. An analysis of Hyblock Capital data shows that the price of LINK could possibly experience resistance near the $16 mark, as there was high liquidation in this zone in the past.

Sources: CoinMarketCap, Santiment, Hyblock Capital, TradingView

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