- LINK is up about 10% in the last 48 hours.
- More LINK tokens left exchanges than those that flowed in.
Over the past day, Chainlink’s [LINK] The price saw a notable increase, after several days of gradual upward movements and positive trends in several metrics. Given the continued price increase, were there any notable changes in other key metrics?
Read the one from Chainlink [LINK] Price forecast 2023-24
LINK gains more than 10%
Based on the daily timeframe chart for Chainlink, the trading day ended September 18 with an impressive gain of over 6.7%, to around $6.5.
Prior to this upward move, LINK had endured several consecutive downward trends that had collectively shaved more than 3% off its value. At the time of writing, LINK was trading at just over $6.7, marking an increase of almost 10% in the last 24 hours.
Source: TradingView
This price increase coincided with a notable rise in the Relative Strength Index (RSI), which stood above 60 at the time of writing, indicating a robust bullish trend.
Furthermore, the price was now trading above the short-term moving average (yellow line), which previously acted as a resistance level. It was also approaching a position at the time of writing where it could surpass the long-term moving average (blue line).
Chainlink sees more volume as price rises
While not a dramatic shift, Chainlink also experienced an increase in trading volume, as evidenced by the volume metric on Santiment. Before this recent uptrend, LINK’s average trading volume hovered around $120 million.
However, by September 18, volume had increased to over $300 million, and at the time of writing was approximately $302 million. This suggested that trading activity had increased along with the rising price.
Source: Santiment
Short traders suffer a huge loss
According to data provided by Mint glasstraders with short positions suffered significant losses due to Chainlink’s price spike.
The liquidation chart showed that on September 18, short positions liquidated a total of $1.28 million, while long positions liquidated approximately $740,000. This was the highest number of short liquidations in over a month.
Source: Coinglass
Moreover, at the time of writing, further short positions were being liquidated. Short liquidations of over $876,000 could be observed, as opposed to around $40,000 in long positions.
Chainlink addresses move LINK from exchanges
A report from Lookonchain on September 19 showed that certain wallet activities have attracted a lot of attention and curiosity. According to the data observed, more than 35 new LINK addresses were created just three days ago.
We noticed that about 35 new wallets created three days ago were included $LINK by #Binance Today.
And have recorded a total of 755,687 $LINK ($5.08 million) to date.
Do whales gather? $LINK? pic.twitter.com/IYte19TmTE
— Lookonchain (@lookonchain) September 19, 2023
These newly created addresses have started withdrawing LINK tokens from Binance [BNB]with a cumulative withdrawal of over 755,000 LINK tokens, worth over $5 million.
However, the motive behind these recordings remained unknown at the time of writing. This activity could be indicative of a significant accumulation move by a whale investor.
How the LINK exchange netflow responded
According to the exchange net flow metric on CryptoQuant, Chainlink recently recorded the most substantial exchange outflow in more than a month over the past two days.
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The chart indicated that the net alternating current on September 18 was approximately -956,200, which is the highest negative net current in the past month. At the time of writing, the net flow was almost -400,000, which was just below the second highest figure of August 29.
Source: CryptoQuant
Interestingly, the direction of the exchange flow was contrary to expectations as one could have expected greater inflows into the exchange with the price increase.