Chainlink’s Potential Price Action and On-Chain Developments
Chainlink (LINK) has seen a surge in popularity recently, with positive price movement and exciting on-chain developments. Crypto analyst Ali Martinez has shared insights on the token’s potential price action and market trends on social media platform X.
Main Breakdowns:
- About 29,000 wallets purchased over 295 million LINK, establishing a strong support zone between $6.63 and $6.88.
- As long as LINK remains above this price zone, investors are likely to remain bullish, as there are no significant resistance levels ahead.
- LINK whales have recognized the $6.63-6.88 zone as robust support and have accumulated an estimated 13 million LINK worth around $91 million in the past 14 days.
- Network activity on the Chainlink network has declined in the last three weeks, with a decrease in large LINK transactions.
- The boost in network activity is likely to precede any market breakout.
Furthermore, positive news about Chainlink includes its highest level of dormant coin movements in the last six weeks, indicating a potential rise in market cap. Additionally, Chainlink has shown a rise in development activity over the last few months.
Hot Take:
Despite the recent positive developments for Chainlink, traders anticipating a market breakout may need to exercise patience due to the decline in network activity. However, the overall trend and investor accumulation suggest a bullish outlook for LINK.
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