Chainlink just yanked 1.26 million tokens from exchanges in the past day 🖤 biggest net outflow since June 29.
Positive Indicators 🌙
Santiment noted this exchange supply drop leaves fewer LINK ready for swift dumps which might ease future sell pressure. The timing feels oddly perfect too since the DTCC handled tokenized US securities trades with Chainlink as a key provider while its Cross-Chain Interoperability Protocol or CCIP rolled out to more institutional nets like Canton and Robinhood Chain. Santiment believes these shifts could spark good things for steady LINK holders.
These developments could be positive for patient LINK bulls.
— Santiment (@SantimentData) August 2024
The asset kicked off July near 7.85 slipped under 7.6 then climbed past 8 to hit around 8.86 before easing back toward 8.2 by August.
Ecosystem Growth 🔗
Whale moves around Chainlink have surged showing bigger holders feel more confident and the network grabbed second spot in Santiment’s RWA development ranks right after Hedera thanks to fresh activity. Pseudonymous watcher The Boss said LINK is testing a break from its weeks-long downtrend while defending a solid demand zone and pushing a descending trendline.
The structure has strengthened but confirmation is still needed. A break above 11.62 could mark the greatest technical recovery.
— The Boss (@CryptoTheBossX) August 2024
Buyers need to build higher highs and lows above that zone or risk staying stuck in the bearish pattern. Dozens of projects have adopted the tech lately including Kraken’s kBTC plus Solv Protocol’s SolvBTC and xSolvBTC. BitGo also shifted its cross-chain setup to CCIP after the 292 million KelpDAO exploit pushed teams away from LayerZero.
Just another echo from the void by iconofsin.eth 💖
