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Chainlink

<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/link-price-analysis-will-chainlink-break-the-8-5-barrier-or-drop-to-3/">LINK Price Analysis: Will Chainlink Break the $8.5 Barrier Or Drop to $3″</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The price of Chainlink (LINK) continued to test the lower boundary of its extended horizontal consolidation on Friday. Over the past two months, bulls have struggled to push the price beyond $8.5. According to the latest cryptocurrency market data, LINK’s price was hovering around $6 on Friday, showing a modest increase of approximately 1 percent in the past 24 hours. Notably, the altcoin also experienced a significant surge in its daily average trading volume, reaching about $202 million, marking a 46 percent increase over the past day.</p> 
<h2 id="on-chain-insights-into-chainlink-link-price-action" data-name="on-chain-insights-into-chainlink-link-price-action" class="wp-block-heading"><strong>On-chain Insights into Chainlink (LINK) Price Action</strong></h2> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f517.png" alt="🔗" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1fae1.png" alt="🫡" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/Chainlink?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Chainlink</a> has hit a key level that has historically foreshadowed a price rebound. Presuming <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> and the overall <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#crypto</a> sector stays relatively stable, <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$LINK</a>'s drop in exchange supply (currently just 15.5%) is hinting at a <a href="https://twitter.com/hashtag/bullish?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#bullish</a> divergence. <a href="https://t.co/2GnsaNRv0O" rel="noopener noreferrer nofollow">https://t.co/2GnsaNRv0O</a> <a href="https://t.co/7X7b7p4hSr" rel="noopener noreferrer nofollow">pic.twitter.com/7X7b7p4hSr</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1697373702365807072?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 31, 2023</a> 
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<p>Market intelligence platform Santiment suggests that Chainlink’s price is poised for a substantial breakout to the upside, thanks to a continuous decline in its exchange balance. Santiment points out that the amount of Chainlink available on crypto exchanges now represents only around 15.5 percent of the total coin supply. </p> 
<p>This data hints at a potential bullish divergence in the coming weeks. Additionally, historical patterns indicate that Chainlink’s price has tended to react positively to significant drops in supply on exchanges, often resulting in bullish breakouts.</p> 
<h2 id="a-contrary-perspective" data-name="a-contrary-perspective" class="wp-block-heading"><strong>A Contrary Perspective</strong></h2> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Chainlink?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Chainlink</a> | Unlike the June <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$LINK</a> price correction — where whale transactions and their holdings rose as prices fell — this time, we're seeing whale transactions decline while their holdings stay steady. <br><br>This isn't good! If <a href="https://twitter.com/hashtag/LINK?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#LINK</a> breaks below the $5 support level, expect a… <a href="https://t.co/1V6P0C2ylT" rel="noopener noreferrer nofollow">pic.twitter.com/1V6P0C2ylT</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1697383607189315879?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 31, 2023</a> 
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<p>However, the bullish sentiment surrounding Chainlink (LINK) is met with skepticism by Ali Charts, a crypto analyst based in the United States. Ali Charts conducted an on-chain analysis, revealing a recent decline in whale transactions involving Chainlink (LINK), in contrast to the June/July breakout period when their holdings remained relatively stable. </p> 
<p>Consequently, Ali Charts suggests a less optimistic near-term outlook for LINK’s price, particularly if the bulls fail to maintain a critical support level at around $5. In this scenario, the analyst anticipates a potential decline in LINK’s price, possibly reaching as low as $3 in the coming months.</p>

LINK Price Analysis: Will Chainlink Break the $8.5 Barrier Or Drop to $3″

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