đđChainlink (LINK) Price Increase Analysis: Ongoing Upside Potential Amid Changes in Investor Behavior đđ
On-chain data analysis reveals the diversity of investor behavior during this rally. In particular, LINK attracted attention by reaching $15 on July 21, a level not seen in months. With the effect of the price increase, the Realized Profit/Loss of the Chainlink network increased to 106.55 million dollars, according to Santiment data. This figure shows whether investors made a profit or loss on their sales. The rise to the $106.88 million profit zone shows that many investors are taking advantage of LINK's price increase. However, current market dynamics have increased the selling pressure, pushing LINK's price down to $14.36 and currently showing losses at Realized Profit/Loss of -$13,000.
This recent decline in realized earnings may actually be a sign of positive price movements in the future. When selling pressure subsides, prices usually stabilize or rise again. Additional data from IntoTheBlock supports this potential growth, showing an increase in new and active addresses on the Chainlink network. The increase in these metrics indicates increased adoption and participation, creating a solid foundation for further price increases.
From a technical perspective, Chainlink's exit from the falling wedge formation is considered a promising development. This pattern is generally considered a bullish signal, it is characterized by descending trend lines and usually signals a bullish reversal and a breakout of upper resistance levels. LINK's recent breakout of the $14.15 resistance level and its momentum supported by the positive MACD indicator could allow LINK price to test $15.10 and possibly $16.06. Otherwise, constant losses will push the price back to 14.It can withdraw to $13.
