Chainlink’s impressive multi-year high reached a boiling point a couple of days ago when bulls pushed it to fresh highs of $8.50
The crypto faced a firm rejection here that has since caused its price to reel lower
Buyers have since been able to construct what could be a mid-term bottom within the lower-$7.00 region
This has allowed the cryptocurrency to begin climbing higher
One analyst is noting that exchange inflows for LINK are “off the charts” – signaling that investors are looking to offload their holdings
This could mean an influx of selling pressure that drives the crypto lower is imminent
Chainlink (LINK) has undoubtedly been one of the top-performing cryptocurrencies throughout the past two years.
It has been able to buck the market-wide downtrend and has been consistently setting fresh all-time highs while many altcoins still remain 80%+ below their late-2017 highs.
The token’s strength may provide it with room to climb higher in the mid-term, but it does appear that its short-term outlook is beginning to grow somewhat gloomy.
Analysts are now pointing to a massive amount of LINK inflows into exchange wallets, signaling that ultra-profitable investors are now looking to offload their holdings.
One trader in particular is noting that the token’s so-called “whales” may soon conduct one final “exit pump” before selling their holdings on the market.
Chainlink Sees Massive Exchange Inflows Despite Relative Strength
At the time of writing, Chainlink is trading up over 5% at its current price of $7.55. This marks a notable rise from recent lows of $6.80 that were set shortly after it was rejected at $8.45.
From here, buyers have been able to support the crypto from declining any further, and it is now caught in the throes of a notable rebound.
One popular crypto analyst who has been observing Chainlink is now noting that exchanges are seeing an influx of LINK – signaling that long-term investors may be looking to offload their holdings.
“LINK exchange inflows are *off the charts* – If you’re selling, time to set your orders. Expecting whales to try to exit pump price back up to 85k sats. Safe sell just below 80k sats. Aggressive sell just below 85k sats,” he explained.
Image Courtesy of Cole Garner.
Where Could This Selling Pressure Lead LINK?
As for where this potentially imminent influx of selling pressure could lead the cryptocurrency, one analyst is setting his sights on the region between $4.60 and $4.80.
This would mark a nearly 50% decline from its all-time highs.
“I absolutely love that so many are killing it. But remember at some point, the music will stop. And yes, I hands down without a shadow of a doubt think LINK revisits this area.”
Image Courtesy of Cantering Clark. Chart via TradingView.
The coming days should reveal just how fleeting or long-lasting this latest Chainlink pump will be.
Featured image from Shutterstock.
Charts via TradingView. origin »
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Following a week dominated by Bitcoin and its positive performance, Chainlink (LINK) has emerged as one of the best performers in the crypto market this weekend. This comes after a long period of relative silence and sideways movement for the token’s price.
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Recently, Chainlink’s (LINK) price movements have been the subject of multiple speculations and analyses. Chart analysis shows that Chainlink’s prices are headed toward a potentially catastrophic plunge below the $5.
Chainlink’s recent surge in popularity within the cryptocurrency community is undoubtedly significant. With a remarkable 20% price increase in a single day, it has reclaimed its highest value in three months, reaching an impressive $8.
Chainlink crypto price surged to the highest level since April. Whales have started accumulating the coin after the CCIP launch. Open interest in the futures market has jumped to 2021 highs. Chainlink price went parabolic on Thursday as investors cheered the recent product news and purchases by whales.
The Chainlink price has been trading within a narrow range recently, leading to decreased investor interest. However, in the past 24 hours, the altcoin managed to experience a 1. 5% increase, indicating sideways movement.
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This On-chain data analysis outlines reasons for the current Chainlink bearish trend and potential LINK price action for the coming weeks.
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After showing so much strength as the price rallied to $52, cracking up an all-time high, the price of Chainlink (LINK) saw a decline to its present value of $7 against tether (USDT). Despite the uncertainties about where the market would be headed, only a few have shown strength as Chainlink (LINK) remains in the spotlight.
Chainlink price has consistently been negative as seen in the past couple of hours. Chainlink outskirting other cryptocurrencies with higher market cap The crypto is registering weekly gains of 13%; with no red zones LINK price down by 9.
Chainlink LINK/USD has weakened from the record highs above $52, registered on 10th May, below $15, and the current price stands around $18. Fundamental analysis: Chainlink Price Feeds mechanisms are now live on Avalanche’s main network ChainLink is a decentralized oracle network that provides real-world data to smart contracts on the blockchain.
Disclaimer: The findings of the following article are the sole opinions of the writer and should not be taken as investment advice
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Chainlink (LINK) traded to a new yearly high near $27. 00 before correcting lower, similar to bitcoin and Ethereum. The price is now holding a major support at $24. 00 and the 100 SMA (H4). Chainlink token price started a downside correction from the $27.
The Chainlink network has been growing at a drastic speed and these developments have caused the price of its digital token, LINK to rise. The asset's value had been marching higher and hit an all-timThe post Chainlink price oracles integrate with Enzyme Finance appeared first on AMBCrypto.
Chainlink (LINK) rallied towards the $26. 00 level before correcting lower, similar to bitcoin and Ethereum. The price is now approaching a major support zone at $21. 50. Chainlink token price gained pace after it broke $22.
Chainlink (LINK) rallied towards the $24. 00 level before correcting lower, similar to bitcoin and Ethereum. The price is now trading near a major support zone at $20. 00. Chainlink token price traded as high as $23.
Chainlink (LINK) rallied after it broke the $18. 00 and $20. 00 levels, while bitcoin and Ethereum remained in a range. The price is correcting gains, but dips could be limited below $21. 50. Chainlink token price is gaining strength and it already broke the key $20.
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice
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Chainlink (LINK) is up 15% and it broke many hurdles near $16. 20, similar to bitcoin and ethereum. The price is testing a major barrier at $18. 00, above which it could test $20. 00. Chainlink token price is showing a lot of positive signs above the $16.
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Disclaimer: The findings of the following article are the sole opinions of the writer and should not be taken as investment advice
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Disclaimer: The findings of the following article are the sole opinion of the writer and should not be taken as investment advice
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Chainlink (LINK) started a sharp decline from the $11. 60 resistance zone. The price is now trading well below $10. 50 and it seems like the bears are aiming a test of the $9. 00 support. Chainlink token price started a major decline after it failed to clear the $11.
Chainlink (LINK) started a downside correction from the $11. 80 zone against the US Dollar. The price is now trading near a major breakdown support at $10. 60 and $10. 50. Chainlink token price is correcting gains from well above the $11.
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Chainlink’s price action has been quite grim as of late, with it facing unusual inflows of selling pressure as investors begin jumping ship. The mass exodus of capital away from the cryptocurrency has caused its price to decline from highs of $20.
Chainlink (LINK) is navigating a turbulent market phase, recently experiencing an 11% decline after reaching a local high of $27 yesterday. This pullback reflects the heightened volatility sweeping through the cryptocurrency market, particularly affecting altcoins.
Chainlink has showcased its volatility over the past few days, with the price plunging 12% before staging an impressive 13% recovery in less than 24 hours. This rapid rebound has sparked optimism among investors, who view the altcoin’s resilience as a sign of its potential for significant gains in the near term.
Chainlink has faced significant selling pressure recently, experiencing a 22% drop from its local supply zone to test crucial demand around the $20 mark. Despite this decline, market sentiment surrounding LINK remains optimistic as analysts and investors anticipate a strong recovery.
The crypto market showed signs of revival yesterday, with several assets experiencing significant price surges after weeks of subdued action. Chainlink (LINK) stood out, gaining over 15% in just 24 hours, solidifying its position as one of the stronger altcoins in the current environment.
Chainlink (LINK) has recently shown resilience after a 35% retrace from its yearly highs, surging over 30% to test liquidity around the $23 mark. Despite this recovery, bearish sentiment continues to weigh heavily on altcoins, and Chainlink is no exception.
The Chainlink price has been on quite a run in the past few months, but so has the entire cryptocurrency market. While the general market has somewhat cooled off in recent weeks, the price of LINK has continued to impress at the end of the year.
An analyst has explained how the path to a new Chainlink all-time high (ATH) could open up if LINK can break past this resistance block. Chainlink Could Find Major Resistance At The $20 Level In a new post on X, analyst Ali Martinez has discussed how the resistance barriers for LINK are currently looking in terms of the on-chain cost basis distribution.