Chainlink’s Impressive Growth and Bullish Momentum
The decentralized Oracle network Chainlink and its native token LINK have experienced significant growth in recent weeks. Despite a correction after reaching a 20-month high of $17.6 in late December, LINK has shown signs of renewed bullish momentum.
Key Resistance Levels for LINK’s Price Rally
Crypto analyst Ali Martinez has identified a strong demand zone for Chainlink between $14.8 and $15.2, slightly below its current trading price of $15.415. Within this range, many addresses purchased 85.12 million LINK, indicating limited resistance and potential for further advancement towards the $20 mark.
Based on Martinez’s observations, if the current bullish momentum continues, LINK could quickly reach the $20 price level. The next resistance levels to overcome on the 1-day chart are $15.55, $16.69, and $16.92, which would pave the way for further gains.
Balance Between Bulls and Bears
While major resistance walls are absent, the direction of LINK’s movements remains balanced. In the event of another price correction or selling pressure, the token lacks significant support walls to rely on.
Despite this balance, Chainlink’s ecosystem has shown notable growth in key metrics. The circulating market capitalization is $8.35 billion, reflecting a positive growth rate of 3.58%. However, revenue over the past 30 days has declined by 54.16% to $11.67 thousand.
When considering the fully diluted market capitalization of $14.82 billion and annual revenue of $219.81 thousand, Chainlink has exhibited positive growth rates. The price-to-fully-diluted ratio is calculated at an astonishing 68,246.47x, indicating the premium investors are willing to pay for each potential future token.
Hot Take: Chainlink’s Growth and Potential
Despite experiencing a correction, Chainlink’s native token LINK has shown renewed bullish momentum and the potential to reach the $20 price level. With limited resistance and a strong demand zone, LINK is well-positioned for further gains.
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