As of the current moment, Chainlink [LINK] was valued at $11.09, showing a decrease of 6.16% in the last 24 hours. With a circulating supply of 630 million LINK, the token holds a market capitalization of roughly $6.95 billion.
The trading volume over the past day hit $594.2 million, indicating active trading despite the recent price decline.
Following a period of consolidation within the $11-$12 range after a downtrend, the current price movement has analysts closely monitoring the $13 resistance level, a significant barrier that, if surpassed, could signal a shift towards a bullish trend.
Potential Upsurge and Crucial Resistance
Crypto analyst Michaël van de Poppe remains optimistic about Chainlink’s future. He anticipates a breakout in the upcoming two weeks should LINK manage to exceed the $13 resistance level, stating that this threshold is
“vital to provoke additional upward momentum.”
Source: X
If LINK successfully breaches the $13 mark, there is a potential for the price to rally towards $18, marking approximately a 40% increase from the breakout point. The Relative Strength Index (RSI) is presently within a neutral zone, indicating room for upward movement.
Blockchain Metrics: Surge in Large Transactions
Over the past 24 hours, there have been 192 significant transactions on the Chainlink network, aligning with the peak of 7 days ago on 25th October. This surge contrasts with the low of 54 transactions seen on 19th October.
Source: IntoTheBlock
The rise in large transactions implies a heightened interest or notable capital movement among major holders.
Furthermore, the In/Out of the Money analysis indicates that 37.51% of addresses (262.38k) are currently “in the money” after purchasing LINK at prices below $11.08, while 58.90% of addresses (411.97k) find themselves “out of the money,” having bought at higher prices.
Source: IntoTheBlock
As prices approach the range of $11.81-$13.17, this may lead to stronger resistance.
Exchange Inflows and Outflows
Data from IntoTheBlock for the past day indicates a net inflow of +105.43k LINK to exchanges, pointing towards potential short-term selling pressure. However, across the previous week, a net outflow of -181.08k LINK suggests broader accumulation by holders.
Examining the 30-day trend, there has been a net outflow of -662.22k LINK, signaling a sustained inclination towards long-term accumulation.
Source: IntoTheBlock
These patterns of inflows and outflows indicate the likelihood of short-term selling amidst a backdrop of long-term accumulation.
The recent uptick in exchange inflows may be a fleeting response, while the larger outflows over the past month reflect a sense of confidence in LINK’s future prospects.