Chainlink’s native token – LINK – experienced a noteworthy recovery after a significant downturn, briefly dipping below the crucial $13 support level earlier this month. This decline was attributed to widespread speculation surrounding the potential rejection of the spot Bitcoin ETF by the US Securities and Exchange Commission (SEC).
The latest data suggest that LINK is enjoying “mild decoupling” from the altcoin pack as its ratio on crypto exchanges hit a 4-year low.
Chainlink’s Weekend Breakout
LINK’s fortunes turned around during the weekend, as it witnessed a mini breakout, surging to $15.82 for the first time since April 6, 2022.
Contributing to the positive momentum, the supply of LINK on exchanges fell below the 15 mark for the first time in roughly four years, as revealed in Santiment’s most recent analysis. This is the lowest level recorded since February 5, 2020, and signaled a decrease in the inclination to sell, suggesting that investors are optimistic about the potential for further gains.
