Bitcoin (BTC) continues its sideways movement, and most altcoins have moved away from significant resistance zones. At the time of writing, BTC is trading at $29,200, and closing below the $29,700 support suggests that further declines may occur soon. So, what are the expectations for Chainlink (LINK), the crypto project monopolizing the oracle field?
Following a sharp 12% decline last week, Chainlink (LINK) price continues to close below the critical $8 resistance. Chainlink (LINK) price has increased by 30% so far in July 2023. Despite a slight pullback last week, long-term investors held their ground positioning themselves for more gains. On-chain data indicates that bulls can gain a significant advantage to push for a new 2023 price peak.
Although it has achieved a 30% monthly gain, Chainlink appears to expect more in the long run. Age Consumed data compiled by Santiment shows a significant decrease in the number of long-term investors selling LINK tokens, confirming their bullish expectations.
The 2023 price peak for Chainlink is currently at $8.60, achieved on April 19. On-chain indicators suggest that bulls can take further upward action in the coming weeks. On the other hand, $9 is currently the ideal target. At the challenging resistance level of $8.6, 3,800 investors bought 2.34 million LINK. The selling of this group could trigger a short-term pullback on the first attempt.
If the Age Consumed data of current investors continues in the current trend, we may observe that holders are less willing to sell. So, what is expected in a negative scenario? If the price drops below $7, a deeper dip towards the $6.5 support level may be indicated.
Chainlink (LINK) is helping popular smart contracts, especially in terms of price feeds. The team, aiming to maintain market dominance in the tokenized assets field, has taken significant steps. In this regard, they are collaborating with many institutions, including Swift, and aiming to maximize their share from the future trillion-dollar market.