ChainLink holds below $30 amid shrinking altcoin balance

by in Cryptocurrency News

Chainlink

ChainLink (LINK) exchange balance fell to 14.6% of the total cryptocurrency market supply.

According to Santiment, the number of LINK coins on marketplaces has been declining since last fall. If in September up to 34% of the altcoin supply was on the exchanges, now this figure has dropped below 15%.

At the same time, the researchers note that the activity of LINK addresses remains high.

Now altcoin is traded in the region of $ 29.05, its capitalization per day decreased to $ 12.037 billion. The coin is in tenth place in the top 10 cryptocurrencies.

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The Santiment report states: "ChainLink is trading slightly above $ 29, the number of new addresses created on its network remains at its highest level in nearly three months in 2021."

Analysts also added that the altcoin's stock balance is now at its lowest since July 2019. Note that in the fall of the same year, the ascent of cryptocurrency began.

$ 29 is fundamental to LINK, observers say. Support will pick up if there are risks of a larger pullback.

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As a reminder, at the end of last week, Grayscale launched the ChainLink Trust for institutional investors. After that, the altcoin rose in price to its highest since the beginning of spring ($ 31.5). However, there was no large-scale expansion, and the correction returned on March 21.