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.
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