- The supply of Chainlink (LINK) on exchanges drops below 15%, a level not seen in approximately four years.
- Insights from crypto analyst Ali Martinez highlight a robust demand zone for Chainlink within the $14.8 to $15.2 price range.
Oracle service provider Chainlink (LINK) has emerged as a focal point for investors, experiencing an impressive 8% gain over the past week. On Monday, January 15, LINK achieved a peak of $16, reflecting a significant surge. However, the current trading scenario sees a marginal 3% decline, with the LINK price at $15.12 and a market cap of $8.58 billion at the time of this press release.
A recent analysis by on-chain data provider Santiment sheds light on LINK’s recent uptick, reaching $15.82 over the weekend, marking its highest point in the past two weeks. Notably, Santiment’s data reveals a substantial development as the supply of LINK on exchanges has dropped below 15%, a level not witnessed in approximately four years. Concurrently, the number of wallets holding more than zero LINK coins is nearing 6% of its all-time high, indicating increased activity and potential market dynamics for Chainlink.
Crypto analyst Ali Martinez provides additional insights, highlighting a robust demand zone for Chainlink within the $14.8 to $15.2 price range. This zone has attracted considerable attention, with 17,650 addresses acquiring a substantial 85.12 million LINK tokens.
Given the absence of significant resistance levels in the immediate future, the analysis suggests that LINK may be poised for a potential upward movement, with a target projection towards the $20 mark. These developments underscore the growing interest and potential positive trajectory for Chainlink within the cryptocurrency market.
What’s Ahead for Chainlink?
In the last month, Chainlink (LINK) has experienced a noteworthy 4% increase, navigating through the current market dynamics characterized by the ongoing battle between bullish and bearish forces. At present, the bulls appear to be gaining dominance in this financial tug-of-war.
Over the recent weekend, LINK witnessed a modest breakout, attaining a two-week high at $15.86. Currently, the cryptocurrency is holding above the $15 support level, instilling optimism among analysts who foresee potential bullish trends in LINK’s price in the near future.
The current state of LINK’s price stands at a crucial juncture, where a breakthrough beyond $17 could propel it toward the $20 threshold, potentially establishing new highs. On the flip side, a decline might result in a loss of vital support at $13.
A dip below this level, especially reaching the 100-day Simple Moving Average (SMA) at $13.19, would negate the bullish outlook, possibly triggering a more significant downturn. These scenarios underscore the inherent volatility and unpredictability inherent in the cryptocurrency market, emphasizing the delicate balance between potential gains and potential losses.
For this year of 2024, analysts are predicting the LINK price to more than double, hitting a new high of $34.
