Chainlink Exchange Reserves Hit 4-Year Low Amid Ongoing Accumulation
Chainlink's price action has been volatile in recent days, but indicators suggest that accumulation and retained activity are giving bulls hope for a recovery.
The total crypto market cap fell by 1.91% in the last 24 hours, from $2.66 trillion to $2.61 trillion, with Bitcoin falling 2.1% in 24 hours and continuing its slide that began last Friday.
Chainlink's price also lost 3.66% of its value over the past day, but its price structure remains bullish, according to CryptoQuant data. The altcoin has been trading at a low since mid-2022, indicating accumulation trends and investor anticipation of a recovery.
The Futures taker CVD was buy-dominated until 8th September, confirming recent aggressive demand, while active addresses peaked at 5,572 a day in August but have since fallen to around 4,821. New addresses peaked at 1,601, with the same now at 1,140.
The daily timeframe for Chainlink/USDT on TradingView revealed a bullish swing structure, with the previous swing high at $10.87 comfortably breached and the RSI returning to neutral 50 to reflect the momentum shift in recent days. However, investors may need to prepare for a pullback to $10.35 or $8.44.