- 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.Read CRYPTONEWSLAND on google news
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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