Chainlink Eyes $18 as Exchange Supply Falls Amid Government Data Integration
Chainlink's price is showing signs of improvement as it heads into September. The token has been steadily increasing in value since July, climbing from $7.20 to $12.40 by late August. This uptrend can be attributed to two key metrics: rising adoption and shrinking exchange supply. As more users engage with the Chainlink network, demand for the token is likely to increase.
The integration of government data onchain is another significant development that has added weight to the adoption story. Starting September 1st, the U.S. Department of Commerce will be leveraging Chainlink's network to bring key macroeconomic data online. This includes Real GDP, the PCE Price Index, and Real Final Sales to Private Domestic Purchasers.
The supply picture is also looking bullish for Chainlink. Over the past three months, the number of tokens held on exchanges has declined from 132 million to 112 million, while the supply outside exchanges has increased from 870 million to 890 million. This shift in supply dynamics could be a significant factor in driving up the price of Chainlink.
A golden cross between the 50-day EMA and 200-day EMA has also formed on the chart, giving it a bullish technical signal. However, it's essential to remember that signals aren't guarantees, and price can look constructive right before the market changes its mind.