Chainlink (LINK), one of the most notable altcoins of the recent period, lost value due to increasing selling pressure.
Standing out as an important Oracle solution in the Web3 ecosystem, Chainlink made a big breakout in November and achieved a 65% increase in value. However, LINK, which fell due to profit sales in December, caused various speculations in the market.
AMBCrypto reported that Chainlink is under pressure from whale activity and LINK is stuck at a key resistance level. The analysis noted that the price is approaching a potential breakout.
AMBCrypto’s analysis reveals that Chainlink is giving positive signals in on-chain data. The analysis stated that whales’ interest in LINK has increased and there has been an outflow of supply from exchanges.
According to the explanations in the analysis:
"The decrease in LINK reserves and the increase in the number of transactions strengthened the possibility of an uptrend."
According to information based on on-chain data, 1.37 million LINK worth $34.1 million was withdrawn from Binance by 30 new wallets in just five days. During this accumulation, the LINK price increased by 4%. Lookonchain highlighted the increasing demand by revealing the accumulation made by whales via new wallets.
AMBCrypto commented on the whale activity as follows:
“Such whale transactions usually lead to a significant breakout. Large wallets may be preparing for LINK’s next big move.”
Noting that the LINK price is ready to rise, AMBCrypto touched on potential resistance levels in its chart analysis. According to the analysis, LINK is currently facing a critical resistance at $26.14. It was stated that if this level is not passed, the price could fall to the $22.04 support.
The analysis continued as follows:
“Buy orders on the chart have accumulated near support and if momentum builds, this could trigger a rally.”
If the LINK price breaks $26.14, the price could rise to $30, according to analysts.