Blockchain analytics platform Santiment is noticing two metrics flashing bullish signals for decentralized oracle provider Chainlink (LINK).
Santiment says that the overall supply of Chainlink on crypto exchanges has slipped down to its lowest level since February 2020.
The analytics firm also notes that the number of unique LINK addresses holding a positive (non-zero) amount of coins is closing in on an all-time high.
“Chainlink enjoyed a mini breakout [last] weekend, hitting $15.82 for the first time in two weeks. The supply of LINK on exchanges is below 15% for the first time in about four years, and the amount of non-zero coin wallets is within 6% of its all-time high.”
Chainlink is trading for $15.08 at time of writing, up nearly 1% in the last 24 hours.
Santiment also identified market trends days after the approval of spot Bitcoin (BTC) exchange-traded funds (ETFs) last week, based on social media chatter. The firm said there was bullish sentiment for Bitcoin, Ethereum (ETH) and XRP while there was bearish sentiment for ETH competitor Cardano (ADA).
“As [last weekend] kicked off, sentiment toward top cap assets remain at extremely optimistic levels with spotlights on them following the ETF approvals. Traders are particularly bullish toward Ethereum after its market value climbed above $2,700 for the first time since May 2022.
There is also a notable bull bias toward Bitcoin and XRP Network. While traders are discussing the possibility of ETH or XRP ETF approval possibilities, Cardano is overlooked compared to its normal level of trader optimism.”
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