Chainlink Tests Resistance as Investors Show Confidence
Key Takeaways
Chainlink (LINK) is facing a crucial resistance zone between $14.50 and $15.30. Investors have accumulated 153 million LINK tokens in this range, indicating growing confidence in the asset. At the same time, declining exchange reserves and shifting wallet activity suggest a potential market shift. The question remains: Can LINK break through resistance and initiate a new upward movement?
LINK Tests Critical Resistance
The price of Chainlink is currently moving within a consolidation zone between $12.45 and $17.78. At the time of analysis, the price stood at $14.32, reflecting a 1.54% increase in 24 hours. The key resistance level to watch is $15.30. If LINK surpasses this level, the next target could be $17.78. Traders are closely monitoring these levels to identify a potential trend reversal.
Wallet Activity Shows Mixed Signals
An analysis of wallet addresses presents mixed signals. Over the past seven days, the number of new addresses has decreased by 30.49%, suggesting waning interest from new market participants. Additionally, active addresses have dropped by 22.99%, indicating lower trading activity. Interestingly, the number of addresses with zero balance has declined by 5.84%, implying that fewer investors are fully exiting their positions. These data points suggest that many investors are waiting before making new decisions.
Declining Exchange Reserves as a Bullish Sign?
Chainlink’s exchange reserves recently stood at 159.036 million LINK, marking a 0.18% decrease in 24 hours. A declining number of tokens on exchanges suggests that investors are withdrawing their holdings, possibly with the intention of holding them long-term. This could reduce selling pressure, potentially benefiting the price.
Can LINK Break Through Resistance?
Chainlink is at a critical juncture. The strong accumulation of 153 million LINK tokens by 37,000 investors signals confidence in the asset. At the same time, declining active addresses and fewer new addresses indicate some market hesitation. If LINK breaks through the $15.30 resistance, it could trigger a new upward movement. However, a drop below $14.33 could indicate further downside potential. The coming days will be crucial in determining whether LINK can generate enough buying pressure to overcome resistance.
Our Assessment
Chainlink is showing mixed signals. On one hand, strong accumulation and declining exchange reserves suggest a bullish outlook. On the other hand, the drop in active addresses points to some uncertainty in the market. If LINK breaks the $15.30 resistance, it could initiate a new upward trend. Otherwise, further consolidation or a decline may follow. Investors should closely monitor price developments.
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