Chainlink (LINK) Investors Remain Optimistic
On November 9, Chainlink (LINK) hit a new 2023 peak of $16 before experiencing a retreat from the recent euphoric peaks. Despite this, recent on-chain data trends suggest that Chainlink investors are still optimistic about a quick rebound. Over the past week, Chainlink’s bulls have been fiercely defending the $14 price support level. The question remains: will LINK price rebound or retrace?
Majority of Chainlink (LINK) Investors Continue to Hold
Even though LINK price dipped 13% to a daily low of $14, recent on-chain movements indicate that most LINK holders remain positive. According to CryptoQuant’s chart, Chainlink investors held a total of 149.9 million LINK tokens in exchange-hosted wallets, which has now decreased to 148 million LINK. This reduction in exchange deposits eases concerns of a large-scale sell-off.
Despite Dropping Prices Chainlink is Still Attracting New Users
Although Chainlink’s price has been in a downtrend since its yearly peak of $16 last week, on-chain data trends show that new users and investors are still entering the ecosystem. The daily active addresses metric indicates that there has been consistent user activity, which has helped defend the $14 support over the past week.
LINK Price Prediction: Further Consolidation Before $20 Rally
If the bulls can hold through the ongoing consolidation phase, Chainlink could rebound toward $20. The Global In/Out of the Money (GIOM) data suggests that there is a strong support buy-wall around the $12 area. However, if the bears overturn that buy-wall, LINK price could tumble toward $10.
Hot Take
In conclusion, despite dropping prices and market consolidation, investors holding onto their tokens and steady network usage suggest that LINK is well-positioned for a rebound if market sentiment shifts.
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