🤑🤑 Chainlink (LINK) Increasingly Popular and Used, Are Bullish Signs in Front of Your Eyes? $LINK

The surge in Chainlink (LINK) prices throughout February, reaching a striking two-year peak, was marked by investors taking action.

This wave was evidenced by significant accumulation in LINK for long-term investments, signaled by on-chain data revealing that over US$200 million in LINK had been withdrawn from exchanges in two weeks. Most of these withdrawals found their way to staking platforms, contributing to a marked increase in total value locked (TVL).

At the center of this financial movement is LINK's impressive market performance, trading at US$19.60, placing it with a market capitalization of US$11.5 billion, making it the 12th largest cryptocurrency by market capitalization.

According to a Crypto News Flash report, the cryptocurrency witnessed a substantial rally from a monthly low of US$13.58 on January 25 to a monthly high of US$20.80 on February 12, marking its highest trading value in two years.

This latest bull run is a sharp contrast to the latter part of the previous year, where LINK struggled to break the US$17 resistance level, with several attempts throughout mid-November and December being rejected.

However, by establishing a higher low and strengthening its support, LINK managed to pass the US$17 mark earlier this month for the first time since January 2022, indicating strong bullish momentum.

Specifically, data from Lookonchain shows a trend of newly created crypto wallets withdrawing millions of LINK tokens from exchanges, signaling a shift towards long-term holding, particularly on staking platforms, as LINK reserves on exchanges run low.