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

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:

As the main
There’s more of this Insight
Choose your subscription plan
Sanbase PRO
Years of market experience, compressed in each report
Since 2017, Santiment has been an industry leader in on-chain data, social intelligence and behavior-based analysis of the crypto market.
Our tools have a proven track record of timing price tops for cryptocurrencies, helping traders find profitable exit points and mitigate HODLing risk.
Our previous TOP calls:
WAVES crowd sentiment patternMATIC charts a new ATH: is the top in?ICX insanity. How far could it go?

What you get with Sanbase Pro:
- Members-only daily market insights and analysis
- 30+ on-chain, social & project indicators for 900 cryptocurrencies
- Custom alerts for the coins' price, on-chain & social trends
- Santiment Spreadsheet plugin with 10+ pre-made market templates
- Personalized asset watchlists and weekly performance reports
Gain unfair advantage with Sanbase Pro
Subscribe to Sanbase Pro for access to exclusive insights, market-beating metrics, strategies and templates!
Assets from this insight
