Flow

Rally

Notable

Chainlink

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/chainlinks-notable-rise-insights-into-the-on-chain-data-flow/" data-wpel-link="internal">Chainlink’s Notable Rise: Insights into the On-Chain Data Flow</a> 
A recent analysis by on-chain data provider Santiment shed light on how the largest decentralized oracle network <a href="https://en.coin-turk.com/chainlink-faces-potential-correction-as-on-chain-data-signals-downtrend/" data-wpel-link="internal">Chainlink</a> (LINK) reached a notable rise over the weekend, hitting a two-week high of $15.82. Here is the prominent data flow for the leading altcoin. 
<h2 style="text-align: justify" id="strong-positive-on-chain-data-flow-for-chainlink-strong">Positive On-Chain Data Flow for Chainlink</h2> 
Santiment reported in its general analysis of the recent rise in LINK that the supply of LINK on cryptocurrency exchanges has dropped below 15%, the lowest level in nearly four years. In addition, the number of wallet addresses holding LINK above zero is approaching an all-time high of 6%, indicating increased activity for Chainlink and changing market dynamics. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-303107" src="https://coin-turk.com/wp-content/uploads/2024/01/Altcoin-Chainlink-LINK-scaled.jpeg" alt="" width="2560" height="1652"> 
The positive on-chain data flow for LINK is not limited to these. Experienced cryptocurrency analyst Ali Martinez highlighted the formation of a strong demand zone for the altcoin between $14.8 and $15.2, where 17,650 wallet addresses have accumulated 85.12 million LINK. Martinez added that he expects LINK to rise towards the $20 level in the short term due to the lack of significant resistance ahead of the price. 
<h2 style="text-align: justify" id="strong-can-link-s-price-rally-continue-strong">Can LINK’s Price Rally Continue?</h2> 
Last month, a notable rise was observed in Chainlink, characterized by the interaction between the forces of rise and fall in the ongoing market dynamics, pointing to a 4% increase. Bulls currently seem to be gaining the upper hand in their race with the bears. 
Over the past weekend, LINK made a minor breakout, reaching a two-week high of $15.86. The altcoin is currently trading above the $15 support level, which is pumping optimism among market observers for potential price increases in LINK. 
The current state of LINK’s price is at a critical point where surpassing $17 could propel it towards the $20 threshold and potentially reach new highs. In a negative scenario, however, the loss of the important support level at $13 could occur. 
If the price falls below this level, especially if it touches the 100-day Simple Moving Average (SMA) at $13.19, it could negatively affect the bullish outlook and potentially trigger a more significant downturn. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/chainlinks-notable-rise-insights-into-the-on-chain-data-flow/" data-wpel-link="internal">Chainlink’s Notable Rise: Insights into the On-Chain Data Flow</a></h5>

Chainlink’s Notable Rise: Insights into the On-Chain Data Flow

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