As of the time of writing, Bitcoin is trading at $66,310, and LINK Coin has experienced a 20% increase. The price of LINK Coin, which surpassed $16.6, was triggered by positive news received yesterday. LINK Coin surged after successfully completing RWA tests with its institutional partners. So, what can Chainlink (LINK) Coin investors expect?
LINK Coin Commentary
Binance exchange saw Chainlink (LINK) Coin as the highest rising altcoin of the day. The popular cryptocurrency, which had been showing signs of weakness for a long time, finally saw an upward breakout. LINK Coin whales have recently accelerated their accumulation. Addresses holding between 100,000 and 1 million LINK purchased 2.5 million coins two days ago.
However, since this whale group typically turns rallies into selling opportunities, today’s 20% increase could pose a risk. On the other hand, the active addresses metric indicates that individual investors are not sufficiently interested. The average active addresses on the network have dropped from an average of 4,400 in April to around 2,000 these days.
LINK Coin price is rising, the risky whale group is becoming profitable, and network activity is weak. Considering these three factors together, we should not overlook the potential for the ongoing rally above $16.6 to quickly reverse.
LINK Coin Price Prediction
BTC is strong as of the time of writing, with the US market opening soon. LINK Coin is trying to carry its 20% gain upwards, and we mentioned the risk of a sudden drop in the first section. So, how low could the price fall in the event of potential LINK Coin sales?
The gains over the last three days have approached 30%, and an important support level for the rally has been reclaimed. If the feared scenario occurs, the price is likely to fall from here and drop to $15.5. Below that, there is a support zone at $15.
On the other hand, if LINK can close above $16.6 with the support of the 61.8% Fib level rebound, the bearish scenario will be invalidated. In other words, the price at the time of writing indicates a decision point for LINK Coin investors. In a scenario where the rally extends, peak points at $21 and beyond could come into play.
