On-chain data shows the Chainlink exchange supply has observed a plummet, something that could turn out to be bullish for the asset’s price.
Chainlink Supply On Exchanges Has Registered A Drawdown Recently
According to data from the on-chain analytics firm Santiment, the LINK supply on exchanges could be forming a bullish divergence right now. The “supply on exchanges” here refers to the percentage of the total Chainlink circulating supply that’s currently being stored in the wallets of all centralized exchanges.
When the value of this metric rises, it means that the investors are depositing a net amount of their coins to these platforms currently. As one of the main reasons why they may transfer their coins to exchanges is for selling-related purposes, this kind of trend can have bearish effects on the cryptocurrency.
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On the contrary, the indicator’s value going down (that is, withdrawals taking place) co
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