Chainlink (LINK) has shown resilience in maintaining its price above $12 since late October 2023. Over the past weekend, despite the altcoin market’s struggles, LINK experienced a start as it raised above $15.82, marking a two-week high.
This increase coincided with a drop in the supply of LINK tokens on exchanges, with only 14.87% of the total LINK supply currently held on trading platforms. This is the lowest exchange balance figure observed in four years, starting in February 2020.
The number of LINK wallets holding more than zero coins has risen, nearing its all-time high of 713,560 as of January 10.
Analysts are now eyeing the LINK price, which has risen by 1.2% in the past 24 hours and 13% over the past week, with LINK/USD currently trading around $15.44.
Crypto analyst Ali Martinez has identified a ‘solid demand zone’ for LINK between $14.8 and $15.2, where more than 17,600 addresses acquired 85.1 million LINK tokens. Martinez predicts a potential continuation of this bullish trend, with a target price of $20.
Despite the broader market conditions influenced by Bitcoin’s trading range, the growth in the tokenization space could further boost Chainlink’s medium- and long-term performance.
Also Read: Chainlink’s Staking v0.2 Hits 19m LINK Capacity in 7 Hours
