Chainlink (LINK) Retraces From Yearly High, but Upward Momentum Builds
After reaching a yearly high of $16.7 on November 11, Chainlink (LINK) has retraced 7.6%. However, strong support around $15 suggests that another upward move may be imminent.
Interest in LINK Continues to Grow
The Chainlink network is experiencing significant growth, with the number of new and unique addresses appearing in transactions consistently increasing over the past three months. This indicates potential price increases as user adoption rises.
Additionally, crypto whales have been purchasing LINK tokens, with over 9.6 million bought between November 28 and November 29. While they have sold some since then, they still hold approximately 186.2 million LINK.
Chainlink Price Prediction: Strong Support and Weak Resistance
The In/Out of the Money Around Price (IOMAP) model by IntoTheBlock reveals that Chainlink faces only one significant supply barrier before advancing further. This resistance wall is located between $15.8 and $16.3.
On the other hand, there is a crucial demand zone supporting Chainlink between $14.4 and $14.9, where over 18,000 addresses have bought 40.4 million LINK.
Hot Take: Chainlink Shows Promise for Future Growth
Despite a recent retracement from its yearly high, Chainlink’s growing network activity and the commitment of crypto whales suggest a bullish outlook for the cryptocurrency. With increasing interest and strong support levels, Chainlink has the potential to continue its upward momentum in the future.
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