- Chainlink gained over 12% in a day and 28% in the past week.
- Analyst Ali Martinez predicts further gains, citing a $20 resistance level.
- More than 75% of LINK holders own 62.9 million LINK valued at $1.12 billion.
In a surprising turn of events amidst the generally subdued crypto market activity, Chainlink (LINK) has emerged as a standout performer, showcasing gains exceeding 12% in a single day and a remarkable 28% over the past week.
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Renowned market analyst Ali Martinez has drawn attention to Chainlink’s bullish trajectory, suggesting that there might be more gains on the horizon. Martinez points to a substantial resistance level at $20, supported by on-chain analytics revealing 5,330 addresses collectively holding 8.59 million LINK tokens.
As of the latest update, LINK is currently trading at $17.90, with a notable 94.10% increase in trading volume compared to the previous day. Martinez’s analysis indicates a potential 11.74% increase in the coming hours or days, although surpassing the $20 threshold may pose a considerable challenge for the cryptocurrency.
Delving into the dynamics of LINK holders, a significant majority, comprising over 75% of LINK holders own 62.9 million LINK valued at an impressive $1.12 billion. On the flip side, 22.69% of LINK wallets, holding 18.56 million tokens, find themselves “out of the money,” signaling losses for investors who bought the coin at higher market values.
A smaller fraction, constituting 0.40%, neither incurred losses nor enjoyed profits with 325,830 LINK. As Chainlink continues to defy market trends, all eyes are on whether it can overcome the $20 resistance level and sustain its impressive momentum.
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