Can LINK repeat its February push? (On-chain analysis)

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Mar 23, 2021

It’s been a fairly disappointing month for Chainlink’s native token (LINK), which is down -22.5% since hitting a new price ATH, despite a few major price-moving announcements as of late.

And with Theta’s massive rally 'threatening' to knock LINK out of the top 10, let’s take a closer look at the third biggest ERC-20 coin, and what its on-chain activity may suggest about things to come.

When it comes to holder confidence levels, LINK’s on-chain data points to an ongoing reduction in sell-side pressure and the prevalence of ‘strong hands’ for the time being. The amount of daily deposits - addresses used to funnel LINK to exchanges - has been in a decline since the March 3rd price top, sitting at 9-month low 319 at the time of writing:

LINK, daily deposits, past 6 months (Source: Sanbase)

As the main

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