Chainlink ($LINK) is attracting attention with dramatic price movements and mixed signals from on-chain analysis. Here are the highlights from the current situation:
1. Selling pressure increases
• December saw an increase in selling activity, resulting in LINK falling from its previous high. This could be a result of profit taking after the strong 65% rally in November.
2. The role of whales
• Whale activity is generating mixed signals.
• Withdrawals of LINK from Binance: 30 new wallets have withdrawn 1.37 million LINK (worth $34.1 million) in the past 5 days, indicating strong accumulation.
• Breakout potential: AMBCrypto indicates that this activity often leads to a significant price increase.
3. Technical data and important resistance levels
• Key resistance: $26.14
• This is the level that LINK needs to surpass to confirm the next bullish trend. If it fails to break through, LINK may drop to the support level of $22.04.
• Strong support: Accumulation buy orders around the support level, creating an opportunity for a bounce if positive momentum continues.
4. Positive signals from on-chain data
• Decrease in LINK reserves: The amount of LINK on exchanges is decreasing, a sign that investors are moving tokens to personal wallets, often a sign of price increase expectations.
• Increased trading: An increase in trading could boost bullish momentum if sustained.
5. Short-term prediction
• If LINK surpasses $26.14, the price could quickly rise to the level of $30.
• Conversely, if momentum cannot be maintained, LINK may face strong selling pressure and return to the support level of $22.04.
In summary: Chainlink is at a sensitive moment. Whale activity and on-chain factors suggest a potential breakout, but it is essential to closely monitor resistance and support levels to predict the next trend.