According to IntoTheBlock, Chainlink, the decentralized oracle network, has been making waves in the cryptocurrency market, showcasing impressive momentum. However, the digital asset is currently grappling with resistance as it approaches its yearly high.
On-chain data analysis has brought to light a notable obstacle for Chainlink, as a substantial on-chain supply wall looms around the $16 level. More than 10,000 addresses have accumulated a significant amount of LINK tokens, totaling over 15 million at this crucial price point. The presence of this substantial supply wall signifies a potential roadblock that must be overcome for the cryptocurrency to sustain its bullish momentum.
The $16 level has emerged as a critical juncture for Chainlink, with market participants closely monitoring the situation. The ability to breach this level is viewed as pivotal in maintaining the current bullish momentum that has characterized Chainlink’s recent performance. Conversely, failure to breach this hurdle may lead to a period of consolidation or a retracement, prompting market participants to reassess their positions.
Chainlink (LINK) Price Analysis
As of the latest price analysis, Chainlink is currently trading at $15.70, accompanied by a 24-hour trading volume of $707 million, a decrease of 22%. Over the past 24 hours, the coin has experienced a modest 0.76% uptick; in the weekly chart, it boasts a 5.80% increase. Ranked at #12 on CoinMarketCap, Chainlink carries a market cap of $8 billion, with a circulating supply of 556,849,970 LINK coins and a maximum supply capped at 1,000,000,000 LINK coins.
Over the last month, LINK has witnessed a notable surge, registering a 28.09% increase, contributing a substantial $4.30 to its current value. This sudden growth has piqued the interest of investors, establishing the coin as a potentially solid asset if the upward trend persists. The coin’s performance over the last 30 days shows that Chainlink has seen 18 out of 30 days (60%) in the green, accompanied by a 6.22% price volatility.
Looking ahead, the most recent Chainlink price forecast suggests a further 8.09% increase, projecting a value of $16.71 by December 7, 2023. Technical indicators currently signal a Neutral Bullish market sentiment at 74%, while the Fear & Greed Index underscores a score of 75, indicating a prevailing state of Greed among investors. However, as Chainlink navigates its way through the resistance near its yearly high, all eyes will be on whether it can overcome the on-chain supply wall and sustain its upward trajectory in the coming days.
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