Chainlink was one of the top performers last year before Bitcoin[1] and Ethereum[2] stole the show in Q4 of 2020. While the altcoin has managed to retain a position above $10 for a majority of the last 6 months, it hasn’t really participated in the market’s price rally over the past few weeks.
Interestingly, the price’s reluctance hasn’t moved investors to the edge of selling their positions, with Santiment’s data suggesting a different story altogether.
Chainlink continues to be moved off exchanges
According to analytics platform Santiment,[4] Chainlink’s ratio of supply is currently moving away from exchanges and falling to a one-year low. The chart attached herein highlights that in the 1st week of January, a portion of LINK tokens was moving back into platforms. However, after the decline, LINK’s Exchange supply seemed to identify a new low.
The supply ratio moving offline is considered bullish since investors are willing to hold on to their assets. Alongside trader confidence, there are a couple of other things that may help Chainlink’s[5] course in the next few weeks.
LINK’s bull run hasn’t started yet
Keeping Bitcoin aside, there were multiple altcoins that surged dramatically over the past few weeks. While Ethereum has led the rally, other popular crypto-assets such as Litecoin[6], Bitcoin Cash[7], and Cardano[8] have also followed suit. In fact, just last week, XLM went on a run too. On the contrary, LINK’s market hasn’t really exploded on paper yet.
Source: LINK/USD[9] on Trading View
The potential of a LINK rally can be identified by the above chart. Now, while the crypto-asset did claim a position of $19.15 on the 7th of January,
