Chainlink [LINK] continues to hold above the critical support level of $12.57, showcasing strong investor conviction as nearly 90,000 addresses have accumulated over 376 million tokens at the $6.26 level. This accumulation zone has now become a crucial demand wall, setting the stage for potential future price surges. Such significant buying interest typically signifies long-term conviction and the possibility of upward pressure on the price.
However, despite the strong accumulation signals, on-chain metrics remain bearish, casting doubts on the sustainability of a breakout. The current price of LINK stands at $12.88, with a slight 1.14% decrease in the past 24 hours. The price action has seen LINK hovering around the $12.57 support zone after breaking a multi-month downtrend. The next key levels to watch are $15.57 and $17.78 for potential upside moves, while a break below $10.17 could signal a deeper correction.
Exchange activity data shows a mixed sentiment, with an increase in depositing addresses by 1.54% and withdrawing addresses by 0.78%. This indicates that more LINK holders are sending tokens to exchanges, possibly in preparation for selling. However, the rise in outflows also suggests confidence among long-term holders who prefer self-custody. Overall, the exchange data reflects a neutral-to-cautious sentiment among investors.
On-chain indicators present a bearish picture, with net network growth remaining sluggish at 0.15% and the percentage of addresses “in the money” dropping by 0.95%. Large holder concentration and large transactions have also decreased, indicating that whales are reducing their exposure. The MVRV long/short difference stands at -6.37%, highlighting that short-term holders are experiencing greater unrealized losses compared to long-term holders.
In conclusion, Chainlink must maintain support above $12.57 and reclaim higher resistance levels to confirm a bullish breakout. However, current on-chain signals are bearish, and selling pressure persists. Unless there is a significant influx of buying momentum, further downside for LINK remains likely. As investors monitor price behavior near support levels in the coming days, the outlook for Chainlink’s price trajectory remains uncertain. The Benefits of Meditation for Mental Health
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