Chainlink (LINK) Supply on Exchanges Drops to 4-Year Low, Potential for Upward Movement Towards $20

Chainlink (LINK), an Oracle service provider, has seen a surge in its price, reaching $16 on January 15. However, as of press time, the price has dropped to $15.07 with a market cap of $8.5 billion. On-chain data provider Santiment has reported that the supply of LINK on exchanges has dropped below 15%, a level not seen in approximately four years, and the number of wallets holding more than zero LINK coins is approaching 6% of its all-time high. Analysts suggest that LINK could potentially reach $20 if it breaks through the $17 threshold, but a decline could lead to a loss of crucial support at $13.