Chainlink Exchange Reserves Hit 16-Month Low
Chainlink (LINK) started the week stable, trading near $13.70 on Tuesday. Its exchange reserves fell to 1.55 billion LINK on December 1, the lowest since August 2024. The reserves slightly recovered to about 1.7 billion LINK on Tuesday. This drop signals less selling pressure and fewer LINK coins available for trading.
Lower reserves usually increase coin scarcity, which often leads to bullish price movements. Data from CryptoQuant also shows strong whale orders, cooling market conditions, and buying dominance in Chainlink’s spot and futures markets. These factors point to a possible price rally soon.
Chainlink Sees Rising Adoption and Integrations
Chainlink’s Cross-Chain Interoperability Protocol (CCIP) gained new users this week. On Tuesday, the AI-focused layer Codatta announced it uses CCIP to move XNY tokens across Base and BNB Chain securely. Earlier, Stable, supported by USDT, Bitfinex, and PayPal Ventures, adopted CCIP for cross-chain LBTC transfers.
Chainlink added 12 new integrations across six services and 12 blockchain networks. These include Base, Bitcoin, BNB Chain, Celo, Ethereum, Polygon, Solana, TON, and TRON. These partnerships increase Chainlink’s real-world use, boost institutional trust, and support a positive outlook for LINK tokens.
Chainlink Price Outlook: Key Support Holds
On December 2, LINK broke above its descending trendline formed since early October and rose nearly 9% the next day. After a correction, it found support near $13.31. As of Tuesday, LINK trades around $13.67, just above this support level.
If LINK keeps rising, it may reach the 50-day Exponential Moving Average (EMA) at $15.01. Breaking this level could push LINK toward the next resistance at $17.68. The daily Relative Strength Index (RSI) is 47, close to neutral, suggesting bearish pressure is easing. The Moving Average Convergence Divergence (MACD) recently showed a bullish crossover, backing a possible upward move.
If the price falls, LINK could drop back to the $13.31 support level.
