LINK Exchange Reserve Decreases, Signaling a Potential Price Rally

IconCryptoNewsTerminal Staff22 Jul, 2024

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LINK Exchange Reserve Decreases, Signaling a Potential Price Rally

In the past 30 days, the exchange reserve of LINK's supply has significantly decreased from 23.0% to 21.4%, according to data from on-chain crypto analytics platform Santiment. This movement mirrors a similar trend observed between September 15 and October 14 of last year, which was followed by a remarkable 123% surge in LINK's price over the subsequent four weeks. This decline in exchange reserves indicates that LINK holders are increasingly withdrawing their tokens from exchanges and storing them in personal wallets. This suggests growing confidence in the long-term potential of the LINK token and a reduced willingness to sell. Historically, such withdrawals from exchanges have often preceded price rallies, making this development a potential bullish signal for LINK.

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