- Chainlink has seen a surge in accumulation and profit-taking activity over the past 12 hours.
- Data shows that 63.06% of LINK holders are “out of the money,” while 34% are holding their tokens at a profit.
Chainlink (LINK) has experienced a significant surge in accumulation over the past 12 hours, leading to increased activity among daily traders. This surge, shown by the higher momentum indicators, has caused many traders to close their positions and take profits. According to the latest data from Santiment, the percentage of LINK transactions that closed in profit has not been this high since July 14.
The ratio currently stands at 5.98, meaning that for every LINK transaction resulting in a loss, nearly six transactions have returned a profit. This is typical of the speculative crowd who trade on the LINK and have benefitted from the recent upward trend. However, a large number of LINK holders remain negative, and many addresses have unrealized losses.
Mixed Results Emerge for LINK Holders
Although there are many traders who have been able to make profits during this period of high volatility, a large number of LINK holders are still in the red. IntoTheBlock data reveals that 441,000 addresses hold LINK, making up 63. 06% of all LINK holders, are now ‘out of the money,’ which means that the current market price of LINK is below the average price these addresses paid for their tokens.
On the other hand, 238,000 addresses, which is 34% of all LINK holders, are now in profit, keeping their tokens. This situation illustrates the dual nature of the LINK investment, with some investors seeing their returns increase due to the recent rise in value, while others still have unrealized losses.
Crypto analyst says LINK is strongly bullish.
As of this writing, LINK is trading at $11.31, with a daily trading volume of $318,006,739. This represents a 9.49% increase in the last 24 hours and an 8.21% gain over the past week.
According to crypto analyst CRYPTOWZRD, the daily technical outlook for LINK is strongly bullish, signaling a potential continuation of this positive trend. The recent price movements and the higher trading volumes imply that LINK could be preparing for further gains. LINK has broken from a downward trend that has been the general trend of the market since the middle of July. The formation of a green candle on the daily chart shows a strong recovery, and the price of the asset bounced back from the support region of $9. 50.
LINK Daily Technical Outlook:$LINK closed bullish today and the next move from the current location will be bullish. My primary focus will be on the intraday chart to get the next opportunity
— CRYPTOWZRD (@cryptoWZRD_) August 22, 2024pic.twitter.com/i7GAe3dlpS
This support level, which has been the recent low, was very instrumental in providing the base before the current upward trend. Historical data also suggests another major support level at $7.30, which further emphasizes the importance of these levels in LINK’s price action.
With the LINK price steadily increasing, the resistance level is at $12. 50 and $14. 00 will be in the vicinity. These levels have been both support and resistance in the past, and their breach could mean further rising prices. According to CRYPTOWZRD, these resistance zones are crucial as a breakthrough could lead LINK to new highs.
