Chainlink
Chainlink Exchange Reserves Reach Multi-Year Lows Amid Price Retracement
Chainlink reserves on centralized exchanges fell to their lowest level since mid-2022 as address activity and trading volumes held onto earlier gains.
Chainlink (LINK) fell 3.66% to trade near $11.48, retracing a portion of its early September rally where the token climbed 25.46% from $10.90 to $13.68. The broader cryptocurrency market recorded a 1.91% decline in total market capitalization over the same 24-hour window, weighed down by Bitcoin's pullback from $81,300.
According to CryptoQuant, LINK exchange reserves dropped to their lowest point since mid-2022, pointing to persistent long-term accumulation over the past year. Futures taker cumulative volume delta (CVD) data showed buyer dominance through September 8, accompanied by increased trading volume since the token initiated a rebound from $7.
Data from Santiment showed active network addresses reached an August peak of 5,572 per day before easing to 4,821, while new daily addresses settled near 1,140 from a peak of 1,601. Technical indicators highlighted that the asset cleared its previous $10.87 swing high, though slipping under short-term support at $12.11 exposed lower support levels at $10.35 and the 78.6% Fibonacci retracement level at $8.44.
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