Chainlink’s September Surge: How Exchange Supply Player The Major Role
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In the tumultuous world of cryptocurrencies, where prices can fluctuate wildly in a matter of minutes, Chainlink has stood out as a beacon of stability and growth throughout September. While many digital assets experienced a rollercoaster ride, Chainlink’s performance has been nothing short of impressive.
Source: Santiment
LINK Recorded Over 23% Price Increase
Over the past two weeks, Chainlink’s price has surged by a remarkable 23%, leaving other cryptocurrencies trailing in its wake. What sets Chainlink apart from the crowd is its unique relationship with exchanges. When Chainlink’s native token, LINK, moves to exchanges, it often sees an initial boost in price. This phenomenon has contributed significantly to its September success.
Exchange Supply Of LINK Token
One key indicator of this trend is the exchange supply of LINK. On September 14th, LINK’s exchange supply reached a 2023-high of 17.2%. This surge in exchange supply signaled an influx of LINK onto trading platforms, often indicating potential selling pressure. However, what followed in the subsequent 10 days is truly noteworthy. By September 24th, LINK’s exchange supply had dropped back to 16.4%, reflecting a swift return of tokens to cold wallets.
Strong Hodling Drive
This movement of LINK tokens from exchanges to cold wallets is a testament to the strong belief and HODLing mentality of Chainlink’s community. It signifies that investors are confident in the long-term prospects of LINK and are less inclined to trade it actively. This kind of behavior can contribute to price stability and sustainable growth.
Conclusion
In conclusion, Chainlink’s impressive performance in September, marked by a 23% price surge, can be attributed in part to its unique relationship with exchanges. The rapid flow of LINK tokens from exchanges back to cold wallets demonstrates the conviction of its holders and their commitment to the project’s future. As the crypto market continues to evolve, Chainlink’s ability to maintain stability and grow steadily sets it apart as a promising asset in the digital landscape.
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