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A recent analysis by on-chain data provider Santiment shed light on how the largest decentralized oracle network Chainlink (LINK) reached a notable rise over the weekend, hitting a two-week high of $15.82. Here is the prominent data flow for the leading altcoin.
Positive On-Chain Data Flow for Chainlink
Santiment reported in its general analysis of the recent rise in LINK that the supply of LINK on cryptocurrency exchanges has dropped below 15%, the lowest level in nearly four years. In addition, the number of wallet addresses holding LINK above zero is approaching an all-time high of 6%, indicating increased activity for Chainlink and changing market dynamics.
The positive on-chain data flow for LINK is not limited to these. Experienced cryptocurrency analyst Ali Martinez highlighted the formation of a strong demand zone for the altcoin between $14.8 and $15.2, where 17,650 wallet addresses have accumulated 85.12 million LINK. Martinez added that he expects LINK to rise towards the $20 level in the short term due to the lack of significant resistance ahead of the price.
Can LINK’s Price Rally Continue?
Last month, a notable rise was observed in Chainlink, characterized by the interaction between the forces of rise and fall in the ongoing market dynamics, pointing to a 4% increase. Bulls currently seem to be gaining the upper hand in their race with the bears.
Over the past weekend, LINK made a minor breakout, reaching a two-week high of $15.86. The altcoin is currently trading above the $15 support level, which is pumping optimism among market observers for potential price increases in LINK.
The current state of LINK’s price is at a critical point where surpassing $17 could propel it towards the $20 threshold and potentially reach new highs. In a negative scenario, however, the loss of the important support level at $13 could occur.
If the price falls below this level, especially if it touches the 100-day Simple Moving Average (SMA) at $13.19, it could negatively affect the bullish outlook and potentially trigger a more significant downturn.
