Chainlink Exchange Reserves Hit 4-Year Low Amid Bullish Price Structure

The total crypto market cap dropped by 1.91% in the last 24 hours to $2.61 trillion, while Bitcoin fell 2.1%. Chainlink's price also declined by 3.66%, but its price structure remains bullish.

A 4-year low in exchange reserves may indicate accumulation and a potential recovery for Chainlink. CryptoQuant data shows that the altcoin's exchange reserve has been steadily declining over the past year, suggesting investor anticipation of a price increase.

The futures taker CVD was buy-dominated until September 8th, confirming aggressive demand for Chainlink. Additionally, active addresses peaked at 5,572 in August, but have since fallen to around 4,821. The retention of about two-thirds of the activity uptick and a quarter of the new addresses surge is a positive sign.

The daily timeframe reveals a bullish swing structure, with Chainlink's price breaching its previous swing high at $10.87. However, investors may need to prepare for a pullback to $10.35 or $8.44.