• Crypto analytics firm IntoTheBlock has updated its outlook on Chainlink (LINK) after it had a strong recovery with more than 50% surge since June.
• According to IntoTheBlock, LINK has more room to run with the next likely price resistance level at $10.
• The firm also notices that this week saw the largest recorded amount of ETH moved onto centralized exchanges (CEXs).
Chainlink Sees Strong Recovery
Crypto analytics firm IntoTheBlock is updating its outlook on Chainlink (LINK) after the blockchain oracle had a strong recovery in just one month. With LINK’s more than 50% surge since June, the least number of Chainlink holders are seeing losses this year and the next likely price resistance level is at $10, according to the firm. However, there may still be dips if some investors start taking profits.
ETH Moves Onto CEXs
IntoTheBlock also noticed that this week saw the largest recorded amount of ETH moved onto centralized exchanges (CEXs) in the last two months, which could indicate an increase in selling of Ethereum (ETH). A large portion of CEX-inflow came from a single wallet address that purchased 61,216 ETH during its initial coin offering (ICO).
Tokens With High Percentage Holders Not Moving
IntoTheBlock highlights three digital assets with a high percentage of token supply that long-term holders have not moved in five or more years. At the top is Bitcoin (BTC) at 29% of supply not moved by long-term holders in five or more years followed by Litecoin (LTC) at 18%, and Dash (DASH) at 16%.
Conclusion
Chainlink’s recovery has been impressive over just one month and looks like it has more room to grow given its potential resistance levels remaining higher than current prices. Meanwhile, there was an influx of Ethereum moving onto centralized exchanges as well as other digital asset tokens such as Bitcoin and Litecoin holding steady despite having a high percentage being kept by long-term holders for over five years now.