Token

Rally

Resistance

Chainlink

Decentralized oracle network Chainlink (LINK) has been making significant strides in the altcoin market, outperforming its peers with an impressive 44.8% <a href="https://www.newsbtc.com/chainlink-news/chainlink-price-stalls-as-287-million-worth-of-link-makes-its-way-to-binance/" target="_blank" rel="noopener ">price increase </a>over the past 30 days.&nbsp; 
Surging to a 24-month high, the cryptocurrency has inched closer to the $20 mark, attracting the attention of bullish investors. Notably, the <a href="https://www.newsbtc.com/chainlink-news/chainlink-surges-12-18-link-set-retest-20-next/" target="_blank" rel="noopener ">uptrend </a>for LINK may be far from over, as it can potentially record a substantial 38% price gain by breaking through a critical resistance level. 
<h2 id="chainlink-trading-volume-skyrockets">Chainlink Trading Volume Skyrockets</h2> 
Crypto analyst Ali Martinez <a href="https://x.com/ali_charts/status/1754484677098832076?s=20" target="_blank" rel="noopener nofollow">indicates </a>that Chainlink faces formidable resistance between its current trading price of $19.40 and $20.03, with 5,330 addresses collectively holding over 8.59 million LINK.&nbsp; 
<img loading="lazy" decoding="async" class="size-large wp-image-573479" src="https://www.newsbtc.com/wp-content/uploads/2024/02/GFkug6cXcAANDh3.jpeg?w=860&amp;resize=860%2C315" alt="Chainlink" width="860" height="315" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/GFkug6cXcAANDh3.jpeg?w=1200 1200w, https://www.newsbtc.com/wp-content/uploads/2024/02/GFkug6cXcAANDh3.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/GFkug6cXcAANDh3.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/GFkug6cXcAANDh3.jpeg?w=860&amp;resize=860%2C315 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/GFkug6cXcAANDh3.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/GFkug6cXcAANDh3.jpeg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Despite this supply wall, if Chainlink manages to break through, Ali Martinez suggests that the next critical resistance level stands at $26.87, presenting an opportunity for a significant 38% price surge. 
Adding to the positive outlook, Chainlink has witnessed a surge in <a href="https://www.newsbtc.com/news/chainlink-price-surge-powers-altcoin-market-bulls-aim-for-20-target/" target="_blank" rel="noopener ">trading volume </a>and an increase in circulating market cap over the past few days.&nbsp; 
<a href="https://tokenterminal.com/terminal/projects/chainlink" target="_blank" rel="noopener nofollow">Data </a>from Token Terminal reveals that while Chainlink’s trading volume has steadily risen over the past 30 days, the token experienced exceptional trading volume of over $9.5 billion in the past three days alone. This surge in trading activity suggests a growing interest from investors in the Chainlink protocol. 
<img loading="lazy" decoding="async" class="size-large wp-image-573480" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Screenshot_48.jpg?w=637&amp;resize=637%2C403" alt="Chainlink " width="637" height="403" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Screenshot_48.jpg?w=637&amp;resize=637%2C403 637w, https://www.newsbtc.com/wp-content/uploads/2024/02/Screenshot_48.jpg?w=460 460w" sizes="(max-width: 637px) 100vw, 637px" data-recalc-dims="1"> 
Examining the circulating market cap, Token Terminal data highlights a positive trend. The circulating market cap of Chainlink stands at $10.53 billion, displaying a notable increase of 32.66% over the past 30 days. In terms of fully diluted market cap, Chainlink records $18.16 billion, indicating a substantial rise of 28.89% over the same period. 
<h2 id="institutional-interest-in-link">Institutional Interest In LINK?</h2> 
Recent blockchain data suggests that institutional investors are actively accumulating LINK. According to Spot On Chain <a href="https://x.com/spotonchain/status/1754368890820522337?s=20" target="_blank" rel="noopener nofollow">data</a>, the emergence of eight wallets withdrawing a substantial amount of LINK tokens, coupled with a price surge shortly after, indicates institutional interest in the cryptocurrency.&nbsp; 
Over the past twelve hours, eight new wallets, likely representing a single individual or institution, have collectively withdrawn 227,350 LINK tokens, equivalent to approximately $4.12 million at the withdrawal time.&nbsp; 
Notably, a significant portion of these tokens was withdrawn from <a href="https://www.newsbtc.com/news/chainlink-gets-whale-backing-link-price-up-14-amid-market-dip/" target="_blank" rel="noopener ">centralized exchanges</a> (CEX) just before the price experienced a sudden increase of approximately 4.1%. This pattern suggests that institutions may strategically accumulate LINK tokens, anticipating future price appreciation. 
Moreover, as indicated by its performance on the algorithmic market scanner Commando, LINK has consistently been a top performer in the cryptocurrency market.&nbsp; 
<a href="https://x.com/decentrader/status/1754367830789923269?s=20" target="_blank" rel="noopener nofollow">According </a>to the market intelligence platform Decentrader, with a current score of 1.83 and a green signal on low time frames, Chainlink’s technical analysis suggests a positive outlook for the cryptocurrency. Noteworthy is the recent breakthrough of Chainlink’s price from a range held up by the 200-week moving average (200WMA).&nbsp; 
This breakout indicates a shift in <a href="https://www.newsbtc.com/news/chainlink/is-chainlink-link-ready-to-soar-key-indicators/" target="_blank" rel="noopener ">market sentiment</a> and a potential upward trend. The cryptocurrency is now aiming to target the “Sniper resistance” level just above $20 while finding support at the top of the previous range, around $16.8, according to Decentrader.&nbsp; 
Overall, institutions’ accumulation of Chainlink tokens and the cryptocurrency’s technical breakout point to growing confidence in LINK’s investment potential.&nbsp; 
The withdrawals from centralized exchanges suggest a desire to hold LINK tokens outside exchange custody, possibly indicating a longer-term investment strategy.&nbsp; 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/3IMJ2UKb/" alt="Chainlink " width="1815" height="858"> 
Currently, LINK is trading at $19.7, up 8% in the last 24 hours. 
Featured image from Shutterstock, chart from TradingView.com

Chainlink Breakout: LINK Poised For 38% Rally If It Clears This Key Resistance

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