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Chainlink (LINK) has recorded a significant price increase of over 5% in the last 24 hours, diverging from the general market. According to recent data, LINK’s market value has surpassed $10.1 billion, with the price trading near the significant resistance level of $17.5. Additionally, LINK’s daily trading volume has increased by 80%, reaching $858 million.
Chainlink’s On-Chain Data Shows Upward Trend
According to on-chain data provider Santiment, Chainlink has surpassed the $17.50 level for the first time in six weeks, showcasing a standout performance in the cryptocurrency market. Moreover, on-chain analysis reveals a striking trend: for every Chainlink transaction recorded at a loss, there are 11 transactions showing a profit. This ratio is the highest observed since December 8, 2022, indicating strong bullish sentiment around LINK’s recent price movements.
Currently, LINK’s price faces resistance due to a daily sell order block historically placed by significant market participants at $17.58. This resistance level aligns with the weekly resistance barrier at $16.48. If buyers fail to push LINK’s price higher, a pullback may occur.
Analysis of the volume profile indicator shows significant trading activity around $14.62, indicating potential support for the expected correction. This level also aligns with the 61.8% Fibonacci retracement level, offering an attractive accumulation zone for a potential second bullish leg.
Future Predictions for LINK
The recent increase in bullish sentiment following the approval of the spot Ethereum ETF in the US has boosted market optimism. If LINK continues to find support around $14.62 on the weekly timeframe, it could rally by 18% to retest the daily order block at $17.58. In a highly optimistic scenario, successfully surpassing this resistance level amid whale accumulations could push LINK’s price to $22, yielding a total gain of 50%.
However, if the price closes below $13.59 on the weekly candlestick, it could form a lower low on a higher timeframe, negatively impacting the bullish outlook and potentially leading to a 13% drop towards the critical support level at $11.80.
On the other hand, on-chain data also shows significant development for Chainlink, revealing an increase in the number of active addresses within the network. The number of active addresses rose from 2,900 on May 18, 2024, to 11,300 on May 21, 2024. This notable increase indicates growing demand for the Chainlink network.
