In September 2023, compared to other altcoins, Chainlink (LINK) performed the best. It has risen by 25% from its intraday low of $5.747 since September 11th. As of September 26th, the trading price of LINK is $7.45.
LINK Price Trend Chart, Source: TradingView.
Typically, a decrease in asset supply alleviates selling pressure and supports bullish arguments, and the price increase of LINK is benefiting from a decline in the supply on centralized exchanges.
According to data from crypto intelligence tracker Santiment, the supply of LINK has decreased by 16.4% in the past 10 days.
Decrease in Chainlink Exchange Supply, Source: Santiment.
Santiment’s analysts explain that tokens like LINK leaving exchanges are flowing into offline wallets, known as cold wallets.
Therefore, LINK tokens sent to cold wallets are removed from circulating supply, thus reducing the selling pressure on the asset.
Furthermore, popular cryptocurrency analyst Sherpa, who has 196,400 followers, told his audience that LINK is one of the tokens they should consider holding for over six months.
The analyst believes that, in terms of price potential, Chainlink token is a strong one compared to other tokens. Hence, Sherpa considers holding LINK in the next cycle.
