Chainlink (LINK) on edge: What's going on?
#Chainlink ($LINK ), one of the most popular altcoins of recent times, has fallen due to increasing selling pressure.
Oracle project Chainlink, which expanded in the Web3 field, made a sensational rise in November. $LINK grew by 65 percent on the date in question. LINK, which fell in December with increased profit sales, opened the curtain to various speculations.
AMBCrypto reported that Chainlink was pressured by suspicious whale transactions and LINK was stuck at a significant resistance level. The analysis reported that the price was approaching a potential breakout.
According to the analysis prepared by AMBCrypto, Chainlink (LINK) gave positive signals in on-chain measurements. The analysis stated that whales were hungry and there was an outflow of supply from exchanges.
The following statements were included in the analysis: “Decreasing LINK reserves and increasing transactions increased the probability of an increase.”
According to on-chain data, 30 newly created wallets withdrew 1.37 million LINK worth $34.1 million from #Binance in just five days. During this accumulation, there was a 4 percent increase in the LINK price. Lookonchain, which brought to light the accumulation made by whales through new wallets, drew attention to the increasing demand.
AMBCrypto evaluated the whale activity as follows: “This type of whale activity usually leads to a potential breakout. Large wallets are preparing for LINK’s next big move.”
Stating that the LINK price is preparing for an increase, AMBCrypto touched on potential resistance points in its graphic analysis.
The analysis emphasized that LINK is struggling with a critical resistance at $26.14, and if this resistance is not overcome, the price may retreat to the $22.04 support.
The analysis included the following statements: “The chart showed that buy orders were accumulating near the support and could trigger an uptrend if momentum builds.”
According to the analysis, if the price breaks above $26.14, it could touch $30.
