Chainlink's Supply on Exchanges at a New Low Since 2017, Confidence in LINK Price to Surge is High

Chainlink’s price has maintained above $12 in the past 24 hours, as the oracle-based cryptocurrency has shown many bullish signs. Chainlink (LINK) has slightly retraced from its recent highs at over $14 seen last week, and is currently trading at $12.30 at the time of writing. Chainlink (LINK) is down by 3 percent in the past week, but up by almost 2 percent in the past 24 hours.

Chainlink’s percent of supply sitting on exchanges has seen a new low, with the lowest supply amount on exchanges seen since its initial coin offering (ICO) in September 2017, ahead of the massive crypto rally. Currently, Chainlinl’s supply on exchanges is at 7.1%, and the single largest daily move of LINK off of exchanges was witnessed on Nov. 9. Crypto analytics firm Santiment explained:

“Today, #Chainlink's percent of supply sitting on exchanges is down to 7.1%, the lowest supply amount on exchanges since its ICO in September, 2017. As this bullish bode of confidence from investors continues, we've taken note that yesterday was the single largest daily move off exchanges (0.14%) of $LINK's supply since November 9th.”

As Chainlink’s supply continues to be low on exchanges and moving towards offline wallets, this could mean that investors are looking to HODL the cryptocurrency. 

The amount of large addresses holding Chainlink, also known as Link marines have also grown, with no capitulation despite the recent altcoin dip. The crypto analyst who shared the graph below said:

“Top #Chainlink holders are adding to their $link bags lately. Looks like the once with most at stake have confidence in its long term potential.”

Santiment also added:

“The amount of large addresses holding #Chainlink has grown, with no capitulation signs despite this #altcoin dip. Not pictured are 10M+ holders, which increased from 9 to 10 yesterday. $LINK marines appear to be holding true to their patient reputation.”

There are also other indicators of a potential bull run for Chainlink, as LINK’s percent supply in smart contracts has just reached a new all time high of 55.094%. The previous all time high was observed on Dec. 21, according to Glassnode alerts.