chainlink faces critical resistance as whale activity signals market interest

Chainlink (LINK) is currently facing a critical resistance zone between $24 and $25, which has historically posed challenges during upward movements.

Despite recent whale activity and a reduction in exchange reserves suggesting a bullish sentiment, the cryptocurrency has experienced a 9.11% decline over the past 24 hours, raising questions about its ability to break through this barrier.

Momentum indicators indicate that while bullish activity is present, it may be losing momentum.

A successful break and close above the $25 resistance could pave the way for LINK to reach the next significant technical level of $30.99.

On-chain activity

On-chain activity presents a mixed narrative, with new addresses surging but active addresses decreasing, suggesting a decline in user engagement.

The reduction of zero-balance addresses indicates that LINK holders are increasingly opting to store their assets in wallets, potentially signaling a long-term investment strategy.

The recent decline in exchange reserves aligns with the trend of large whale disengagement, indicating a decrease in near-term selling pressure.

Potential for a bullish breakout

The potential for a bullish breakout exists if the price can close above the $25 level, triggering a rally towards $30.99.

However, the market remains cautious, with participants closely monitoring LINK's ability to sustain growth and establish short-term trends.

The interplay between whale activity, transaction dynamics, and resistance levels will be critical in determining the asset's next moves in the cryptocurrency landscape.

Trending
Subcategory:
Countries:
Companies:
Currencies:
People:

Machinary offers a groundbreaking, modular, and customizable solution that provides advanced financial news and statistical analysis. Our platform goes beyond traditional quantitative analysis, offering users a comprehensive understanding of real-time market dynamics, event detection, and risk analysis.

Address

Waitlist

We’re granting exclusive early access to the first 500 users from december 20.

© 2024 by Machinary.com - Version: 1.0.0.0. All rights reserved

Layout

Color mode

Theme mode

Layout settings