Chainlink Investors Struggle to Profit
If you’re a Chainlink investor, you might be interested to know that only about 55% of LINK investors are currently in profit, according to recent on-chain data. This means that despite the price of LINK outperforming Bitcoin this year, a significant number of holders are still sitting at a loss.
On the bright side, as long as the price remains above certain levels, many investors will be in a state of profit. However, the resistance ahead for Chainlink could pose some challenges for the sustainability of the rally.
Investor Behavior and Resistance Levels
In on-chain analysis, major support and resistance levels are determined by the number of investors at particular ranges. When the price interacts with an investor’s cost basis, it can trigger buying or selling behavior. While individual investors may not significantly impact the market, a large number of them buying or selling at the same level can cause a more pronounced reaction.
Chainlink’s Future Prospects
The resistance levels ahead until the $27 mark could prove to be a source of significant resistance for Chainlink, making it challenging to sustain the rally. However, if LINK breaks the $27 mark, there is potential for a substantial rally and a projected wallet profitability ratio of over 80%.
LINK Price Update
Following its recent 12% rally, Chainlink is currently trading just below the $12.9 mark.
Hot Take: Is Chainlink Headed for Trouble?
On-chain data shows there is major resistance ahead for Chainlink, a sign that could be troubling for the rally’s sustainability.
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