Chainlink Price Pushes Higher as Exchange Supplies Tighten – LINK Sets Sights on $8.50

Chainlink (LINK) has been one of the top performing cryptocurrencies in September 2023. At a time when many major crypto assets have struggled, Chainlink’s price has seen steady gains over the past couple of weeks. From the start of September until now, LINK’s price has increased by around 23%.

A key factor in Chainlink’s recent price lift has been the movement of LINK tokens to exchanges. Historically, when new supplies of LINK move onto exchanges, there tends to be an initial increase in price as buyers snap up the available coins, according to Santiment’s data.

Source: Santiment – Start using it today

This trend has continued over the past two weeks, with LINK seeing price jumps as exchange supplies grew. Now, as quantities on exchanges decline once again, LINK’s price is holding steady around the $7.20 level.

Technical analysis points to further upside potential for LINK in the short term. After bouncing off long-term support at $6, LINK broke back above its 200-day moving average at around $6.70. Moving above this key level indicates potential bullish trend reversal, with upside targets at $8.50 and $9.50. Momentum indicators like the MACD and RSI also reflect building bullish momentum, as MACD Line is above MACD Signal Line and RSI is above 55, according to altFINS‘ data.

Overall, Chainlink’s uniquely positive price action has allowed it to stand out from the crowd this September. With exchange supplies tightening again, technicals pointing up, and ongoing development news flows, LINK looks well positioned to make a run at its next resistance levels.

The $6 level now appears to be an important support zone, having flipped from previous resistance. As long as LINK holds above this level, its technical outlook remains constructive in the weeks ahead.

We recommend eToro

74% of retail CFD accounts lose money.
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy thetrades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of


Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.