The 12th largest cryptocurrency by market cap is enjoying its very own market, as it continues to record gains notwithstanding what's going on with other cryptocurrencies.
This week, LINK almost reached its all-time high of $4.97 made on March 5, 2020, but failed to hit a new one. Currently, LINK is trading at $4.71, just 5% away from this ATH.
All markets: AAAAAAAHHHHHHHHHHHHHHH!
Link: What bear market? pic.twitter.com/sdh1HzFsOB
— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) June 25, 2020
In 2020 so far, LINK is up over 150%, but despite these gains, the digital asset is poised for a pullback. If it does go for a correction, a massive supply is currently present at $4.36 to absorb the downward pressure. At this point, about 9,300 addresses previously bought almost 9 million LINK.
We are consolidating above 2018 resistance and the bulls are defending 4.50 as support.
— Adr | permabulltard.eth (@permabulltard) June 25, 2020
Interestingly, LINK hodlers that call themselves Marines are also constantly growing, registering a steady increase in 2020.
According to Glassnode, there are currently more than 160,000 addresses that are holding LINK; these addresses have doubled since the beginning of the year.
This growing holding trend can also be seen in the constant decline of LINK balance on cryptocurrency exchanges. The trend first started in December 2017 right before the peak of the bull market as holders rushed in to take off profits.
LINK balance on exchanges remained somewhat elevated till September 2018. From here onward, it started declining, a trend that accelerated in June 2019.
The number of LINK tokens on in exchange wallets had the exact opposite effect on the prices, which started up-trending in May 2019, as per Viewbase.
A distinct relationship can be seen in LINK holders moving their tokens out of exchanges and the price of the digital asset, which continues to rise and make new highs.
Moreover, the growing price is also the result of Chainlink’s partnerships.
Just this week, we reported that China’s Blockchain Services Network is integrating Chainlink oracle function to this network to enable its users to get external off-chain real-world data.
Over the past few months, Chainlink has expanded its client base and provided its oracle solutions to the likes of Google, Oracle, and SWIFT. Chainlink partner Ontology, which will be working with it yet again called it an “undisputed, market-leading decentralized oracle network.”