Chainlink [LINK] has undergone a correction since this week’s all-time high above $52. This was prompted by the crash in prices of Bitcoin and the other cryptocurrencies after Tesla’s fallout. The altcoin rush, that kicked off last week had pushed several tokens to soar higher, was rather short-lived.
LINK exchanged hands at $43.84 after testing crucial support area. While the uptrend has come to an abrupt halt, the investors in the coin market are still confident about its price movement in the coming days.
According to the latest stats, Chainlink market participants are moving their tokens out of cryptocurrency exchanges and into cold storage at a rapid pace. This was revealed by the crypto-analytic platform Santiment, which also stated that nearly 2.5% of LINK’s total circulating supply has exited crypto exchanges in the period of the last two months alone.
Moreover, the amount of LINK tokens held by the top 10 crypto exchange addresses has taken a serious plunge by a factor of 67.6% in the past six months. Its tweet regarding the same read:
“It’s been 6 days since Chainlink’s new ATH of $52.88. 2.5% of LINK tokens have moved off of exchanges in the past 2 months alone, and the top ten exchange addresses hold less than a third token now [23 million LINK] compared to 6 months ago [71 million].”
Ambitious Chainlink 2.0 Game Plan
LINK’s price has been rising steadily since the beginning of the year. The digital asset has formed three main tops this year which were followed by a period of correction and subsequent leg up breaching the previous high. The latest price movement was accompanied by a major development in the ecosystem.
Chainlink had recently unveiled a new whitepaper, Chainlink 2.0, dubbed as the ‘next steps in the evolution of decentralized finance [DeFi].’ The whitepaper had detailed the ambitious roadmap for 2.0 as well as the launch of a new architecture for the creation of hybrid smart contracts. The proposed system aims to deliver scalability and security to the LINK ecosystem.
Hence, LINK’s price was expected to exhibit swing points and start trading higher, above the current peak.