Chainlink (LINK) has experienced a significant surge of 12.9% in the last 24 hours, marking a positive turn in its fortunes after a period of declining prices. The altcoin had struggled since reaching $27 three months ago, but recent market activity indicates a resurgence in demand and investor interest.
According to data from IntoTheBlock, Chainlink has seen consistent outflows from exchanges over the past month, surpassing $120 million worth of LINK. This trend suggests ongoing accumulation of the altcoin, with investors aggressively buying and driving up demand.
Similarly, Chainlink’s Exchange Netflow has remained negative for the past 12 days, indicating a strong bullish sentiment among investors and a firm grip on the market by those accumulating the token. This sustained negative netflow further reinforces the notion of growing accumulation and investor confidence in LINK’s potential for price appreciation.
Whales in the market have also shown increased activity, with large holders’ netflow reaching a 2-month high of 3.81 million LINK tokens. This surge in whale activity underscores a renewed interest and participation from major players in the market, further supporting the bullish outlook for Chainlink.
In addition to capital flows, Chainlink’s fundamentals have also been strengthening, as evidenced by a rise in active addresses from 2.3k to 3.6k over the past four days. This increase in active addresses indicates growing interest in the network and a positive sentiment among users, which bodes well for future price movements.
As of the latest data, Chainlink is trading at $14.95 following a 12.05% increase on daily charts and a 22.38% rise on weekly charts. The altcoin recently broke out from a descending triangle pattern that it had been trading under for the past two months, with the next significant resistance level seen around $16.12.
While the recent price pump has brought many investors back to profitability, there is a possibility of a pullback to $13.7 if holders decide to take profit and capitalize on the recent uptick. Overall, Chainlink’s strong performance and growing market activity indicate a positive outlook for the altcoin in the near term. Recent studies have shown that incorporating mindfulness practices into daily routines can have numerous benefits for both mental and physical health. Mindfulness is the practice of being present in the moment, fully aware of one’s thoughts, feelings, and surroundings without judgment. This practice has roots in ancient meditation techniques but has gained popularity in recent years as a tool for managing stress and improving overall well-being.
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