In the ongoing year of 2024, Chainlink’s performance within the cryptocurrency landscape has been nothing short of remarkable.
The native cryptocurrency of the Chainlink Web3 network, LINK, has surged to heights not witnessed since January 2022, boasting a market capitalization surpassing $11 million.
On February 5th, LINK reached a new yearly high, sparking optimism among investors. However, the journey ahead presents challenges, with Chainlink encountering formidable resistance levels between $19.40 and $20.03.
Notably, these levels are guarded by 5,330 addresses collectively holding over 8.59 million $LINK. Despite briefly touching $19.68 in the past 24 hours, LINK retraced slightly to $18.92.
#Chainlink faces stiff resistance between $19.40 and $20.03, where 5,330 addresses hold over 8.59 million $LINK. But if #LINK can break through this supply wall, the next critical area of resistance is around $26.87, representing a 38% price increase! pic.twitter.com/g34fryPll5
— Ali (@ali_charts) February 5, 2024
Breaking through this supply barrier would propel Chainlink towards the next critical resistance zone at $26.87, representing a substantial 38% price surge.
Notable Chainlink LINK Accumulation Is On The Daily Rise
Meanwhile, on-chain data continues to reveal significant accumulation of LINK by whales or institutional investors. According to insights from Lookonchain, a mysterious entity has been steadily accumulating $LINK.
A mysterious whale/institution is accumulating $LINK!
We noticed that a total of 47 fresh wallets withdrew 2,237,504 $LINK ($42.38M) from #Binance in the past 2 days!
Address list: https://t.co/cYgH52rHzxhttps://t.co/SgFeI8cRKV pic.twitter.com/g7Mh66k9l0
— Lookonchain (@lookonchain) February 6, 2024
In the past two days alone, 47 fresh wallets withdrew a staggering 2,237,504 $LINK ($42.38M) from Binance. This accumulation trend has contributed to LINK’s impressive gain of over 26% in the past 7 days.
As Chainlink navigates through these pivotal moments, investors remain keenly observant of its performance and the evolving dynamics within the cryptocurrency market.
The ongoing whale accumulation and potential breakthrough of resistance levels underscore the heightened interest and anticipation surrounding the future trajectory of Chainlink in 2024.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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