Future

bullish

2024

Resistance

Chainlink

<ul> 
 <li aria-level="1">Santiment reports over 15 million LINKs, worth about $165 million, were accumulated by whales in two months.</li> 
 <li aria-level="1">IntoTheBlock data shows high cold wallet transfers of LINK, suggesting a strong holding trend among investors.</li> 
</ul> 
In recent developments, Chainlink (LINK) has demonstrated a robust increase in market price, climbing from a local low of $10 to a peak of $15.36 over the past month. This growth has prompted analysts to explore the influence of such a trend. 
<h2 id="b-influence-of-whale-activity-on-market-trends-b">Influence of Whale Activity on Market Trends</h2> 
Data sourced from Santiment indicates a pronounced activity by large <a href="https://www.ethnews.com/link-price-soars-as-chainlink-announces-partnership-with-hederas-hbar-foundation/">Chainlink holders</a>, commonly known as whales, who have accumulated over 15 million LINK tokens valued at roughly $165 million in the last two months.&nbsp; 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <a href="https://twitter.com/hashtag/Chainlink?src=hash&amp;ref_src=twsrc%5Etfw">#Chainlink</a> whales have accumulated over 15 million <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LINK</a> over the past two months, valued at around $165 million! <a href="https://t.co/6QJBGY7xA5">pic.twitter.com/6QJBGY7xA5</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1856496449770418200?ref_src=twsrc%5Etfw">November 13, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
This pattern of large-scale acquisitions typically reflects a positive market outlook, suggesting that these major investors foresee potential for further appreciation in <a href="https://www.ethnews.com/tron-dao-partners-with-chainlink-integrating-chainlink-data-feeds-as-its-official-oracle-solution-to-enhance-security/">LINK’s value</a>. 
Furthermore, a notable shift has been observed in the net flow of large holders, which has become positive after a significant decline, indicating a prevailing trend of accumulation over selling. 
<figure id="attachment_105080" aria-describedby="caption-attachment-105080" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-105080" src="https://www.ethnews.com/wp-content/uploads/2024/11/ITB_link_large_holders_netflow_ethereum_2024-11-13T05_34_29.773Z.png" alt="ITB_link_large_holders_netflow_ethereum_2024-11-13T05_34_29.773Z" width="1200" height="800">
 <figcaption id="caption-attachment-105080" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
This is paralleled by data from IntoTheBlock, which reports that the volume of LINKs moved to cold storage has reached a three-month high, with 1.8 million LINKs, equivalent to $25.92 million, being transferred.&nbsp; 
<figure id="attachment_105084" aria-describedby="caption-attachment-105084" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-105084" src="https://www.ethnews.com/wp-content/uploads/2024/11/ITB_link_outflow_volume_undefined_2024-11-13T05_36_48.420Z.png" alt="ITB_link_outflow_volume_undefined_2024-11-13T05_36_48.420Z" width="1200" height="800">
 <figcaption id="caption-attachment-105084" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
Such transfers are usually indicative of a strategy to hold onto assets in anticipation of future price increases. 
<h2 id="b-current-market-conditions-and-future-projections-b">Current Market Conditions and Future Projections</h2> 
Analyzing the movement on various chart timelines, LINK has seen an overall increase of 21.28% in the past month, with the <a href="https://www.ethnews.com/the-bullish-case-for-chainlink-price-hits-11-96-with-potential-resistance-breakout-ahead/">current trading</a> price at $13.39. The asset has shown consistent growth on weekly charts, increasing by 12.35%.&nbsp; 
However, the daily charts have registered a decline of 10.82%, pointing to some immediate market corrections after the recent highs. 
While the overarching sentiment in the market remains positive, LINK faces a potential challenge at the $15 resistance level, which has previously acted as a barrier to further gains. 
The outcome will hinge on whether the bullish sentiment can sustain itself against the pressures observed in daily trading.&nbsp;Conversely, should the bearish trend on the daily charts take precedence, LINK might retreat towards the $10 support level, testing its resilience in a more bearish scenario. 
<div class="cryptoboxes" id="mcw-12709" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="LINK" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
The current price of Chainlink (LINK) is $14.198 USD, showing an increase of 1.65% today. 
Key Observations: 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Price Trend: Chainlink has shown strong performance recently, with a weekly gain of 30.75% and a monthly rise of 31.79%. Despite this, LINK is still down 8.69% over the past six months, reflecting some longer-term weakness.</li> 
 <li style="font-weight: 400;" aria-level="1">Market Capitalization: Chainlink’s market cap stands at $8.88 billion USD, with a 24-hour trading volume of $822.87 million USD. The volume-to-market cap ratio of 0.1230 suggests healthy trading activity and liquidity.</li> 
</ul> 
Technical Analysis 
<figure id="attachment_105075" aria-describedby="caption-attachment-105075" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-105075" src="https://www.ethnews.com/wp-content/uploads/2024/11/LINKUSDT.P_2024-11-13_12-35-41.png" alt="LINKUSDT.P_2024-11-13_12-35-41" width="1501" height="959">
 <figcaption id="caption-attachment-105075" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
Chainlink is currently testing a key resistance level around $14.50 USD. A breakout above this level could signal a move towards the next target at $20 USD. However, if it fails to break through, we may see a pullback towards support at $12.50 USD. 
The post <a href="https://www.ethnews.com/chainlinks-resistance-at-15-will-link-break-through/">Chainlink’s Resistance at $15: Will LINK Break Through?</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Chainlink’s Resistance at $15: Will LINK Break Through?

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