- Whale activity surged with 362,380 LINK moved, signaling growing interest and potential breakout.
- Chainlink faces critical support at $21.87, with $32 as the key resistance level.
- Rising transactions, active addresses, and declining exchange reserves suggest a bullish outlook for LINK.
In just 48 hours, nine wallets moved 362,380 LINK, worth $8.19 million, off Binance. With such a large amount of LINK changing hands, many traders believe a big move is coming. Although the price has dropped recently, these whale movements hint at a potential rally. Let’s take a closer look at what’s happening with Chainlink (LINK) right now.
Critical Support Level Could Guide LINK’s Future Price Action
Chainlink has been bearish. After peaking at $32 in November, the price fell to $21.87. Right now, this level acts as crucial support. If LINK holds above $21.87, a rise back to $32 could follow. If this level breaks, the price may fall even lower. Traders need to watch this level closely to determine LINK’s next move.
Rising Transactions and Active Addresses Show Growing Confidence
Transactions on the Chainlink network grew by 0.76% in the last 24 hours, reaching over 10,000. This increase indicates more market activity and potential price movement. At the same time, active addresses went up by 0.83%, reaching 5.7K. These signs suggest rising interest in Chainlink, with more users engaging with the network.
Whale activity combined with a boost in network engagement suggests that Chainlink could be gearing up for a major move. As Chainlink’s exchange reserves drop, there’s less pressure to sell. With fewer tokens on exchanges, selling activity is slowing. This trend strengthens the case for a potential price rise.
Chainlink’s recent whale activity, combined with growing transactions and shrinking reserves, all point toward a bullish outlook. If the $21.87 support level holds, Chainlink may move higher toward $32. Traders should keep a close watch on these key levels to anticipate the next price action.
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