Chainlink Price Eyes $18 as Adoption and Supply Dynamics Shift
Chainlink's price has been on an upward trend since July, rising from $7.20 to $12.40 by late August. Two key metrics indicate that adoption is increasing and exchange supply is shrinking.
The US Department of Commerce is leveraging Chainlink's network to bring key macroeconomic data onchain, effective September 1. This integration adds another use case beyond crypto-native markets, further solidifying the token's adoption story.
Looking at supply, over the past three months, the number of LINK tokens held on exchanges has declined from 132 million to 112 million, while the supply outside exchanges increased from 870 million to 890 million. This shift in supply dynamics is a bullish sign for Chainlink's price.
The token's chart also shows a golden cross between the 50-day EMA and 200-day EMA, indicating a technical signal that could push the price higher. However, the next major move depends on whether bullish demand strengthens or sell pressure rises.