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.
Breaking through this supply barrier would propel Chainlink towards the next critical resistance zone at $26.87, representing a substantial 38% price surge.
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.
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.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: skorzewiak/123RF // Image Effects by Colorcinch
The crypto market is always evolving, with big names like Bitcoin and Ethereum leading the…
The crypto market is ablaze with excitement as altcoins like XRP and BNB make major…
Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…
While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…
As the cryptocurrency market gears up for a bull run, IntelMarkets (INTL) is attracting significant…
In the past, Chainlink (LINK) and Solana (SOL) have been among the most discussed altcoins…