đ Chainlink: Will $17M Whale Activity Help LINK Test $25 Resistance? đ
đ Whale Activity Sparks Interest: A Chainlink ( $LINK ) whale withdrew 594,998 LINK worth $17.31M from Binance, fueling speculation about long-term confidence or significant market moves. LINK is currently trading at $24.63, down 9.11% in the past 24 hours.
đ Resistance and Momentum: LINK is testing a critical resistance zone at $24â$25, a barrier in previous rallies. The MACD indicates bullish momentum, but it is weakening. With an ADX of 41.52, the trend remains strong. Breaking this resistance could push LINK toward the $30.99 target, while failure could lead to a pullback to $22 support.
đ Address Activity Shows Mixed Trends: New addresses increased by 1.94%, signaling fresh interest, but active addresses fell by 1.39%, indicating reduced engagement. The 13.87% drop in zero-balance addresses shows confidence among long-term holders, though short-term uncertainties persist.
đ Transaction Growth Reflects Market Interest: The transaction count rose 0.69% to 12.11K, showing growing market activity. Whether this is due to whale withdrawals or broader market dynamics remains uncertain, but the increase suggests preparation for significant price movement.
đĄ Lower Exchange Reserves Reduce Selling Pressure: LINK reserves on exchanges dropped 0.17%, aligning with whale withdrawals. This signals reduced selling pressure and stronger holder sentiment, though declining liquidity requires caution.
đ„ Conclusion: LINK is at a pivotal point. Clearing the $25 resistance could trigger a bullish breakout, but faltering momentum may lead to retracement. Traders are closely watching this critical level for short-term direction. đđ
