Chainlink Surges 12% and Outperforms the Market
In the past 24 hours, most cryptocurrencies have seen small gains, with Bitcoin only experiencing a 1% increase. However, Chainlink has stood out by rallying around 12%. This chart illustrates the coin’s performance over the last few days.
Additionally, Chainlink has surpassed Tron (TRX) to become the 11th largest asset in the crypto sector. Dogecoin (DOGE) is now the next coin above Chainlink, and if its rally continues, it may surpass DOGE as well.
On-Chain Resistance Wall at $20
Analyst Ali explains that Chainlink faces significant on-chain resistance at $20. This resistance level’s strength is determined by the amount of BTC bought by investors at that price. The chart below shows the distribution of holder cost basis near the current price of LINK.
Currently trading around $17.85, Chainlink has already surpassed some weaker price levels and may continue to do so until it reaches the resistance wall at $20. Investors within this range may become more sensitive to price movements and may choose to take action, especially those who are in a loss position and are looking for an opportunity to exit.
Hot Take: Chainlink’s Rally Continues with Potential for Retesting $20
Chainlink has experienced a strong rally, outperforming other cryptocurrencies in the market with a 12% surge. It has also climbed up the ranks to become the 11th largest asset in the crypto sector. Analysts suggest that the next major challenge for Chainlink lies at the on-chain resistance wall at $20. The strength of this resistance level is determined by the amount of BTC purchased by investors at that price. As Chainlink continues to surpass weaker price levels, it may face increased sensitivity from investors within the $19.49 to $20.03 range. This could potentially lead to a retest of the resistance wall at $20.
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