Rally

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Resistance

Chainlink

<p>Chainlink’s native LINK token continues to power to new recovery peaks, now trading around $19. According to multiple expert perspectives, the momentum surge may presage a steep continuation towards ambitious upside targets.</p> 
<h2 class="wp-block-heading" id="strong-supply-wall-must-get-cleared-strong"><strong>Supply Wall Must Get Cleared</strong></h2> 
<p>Crypto trader <strong>Ali</strong> <a href="https://twitter.com/ali_charts/status/1754484677098832076" target="_blank" rel="noreferrer noopener nofollow">highlights </a>major supply resistance between $19.40 and $20.03 from over 5,330 addresses holding 8.59 million LINK. Breaking this barrier opens up upsides towards $26.87 (38% increase).</p> 
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<p>Analyst <strong>Rekt Capital</strong> <a href="https://twitter.com/rektcapital/status/1754559388830822651" target="_blank" rel="noreferrer noopener nofollow">asserts </a>LINK is successfully breaking out of its consolidation range. Any short-term dips are likely to be bought for continued upside rather than reversing the confirmed breakout.</p> 
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 <img loading="lazy" decoding="async" width="1024" height="710" src="https://captainaltcoin.com/wp-content/uploads/2024/02/image-202-1024x710.png" alt="" class="wp-image-433116" srcset="https://captainaltcoin.com/wp-content/uploads/2024/02/image-202-1024x710.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-202-300x208.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-202-767x532.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-202-1536x1065.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-202-2048x1421.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-202-216x150.png 216w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-202-100x69.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-202-505x350.png 505w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-202-788x546.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-202.png 679w" sizes="(max-width: 1024px) 100vw, 1024px">
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<h2 class="wp-block-heading" id="strong-low-risk-rally-favors-sustainability-strong"><strong>Low-Risk Rally Favors Sustainability</strong></h2> 
<p><strong>Upside-Down Crypto Data</strong> <a href="https://twitter.com/upsidedowndata/status/1754576921642332259" target="_blank" rel="noreferrer noopener nofollow">notes</a> that the rally emerged from relatively low risk levels historically. These conditions tend to spur sustained legs higher, especially when surging to new YTD highs.</p> 
<p>Trader <strong>CryptoHotep</strong> <a href="https://twitter.com/CryptoHotep/status/1754715066845250005" target="_blank" rel="noreferrer noopener nofollow">sees </a>$19.50 proving support for LINK’s next “leg up” on any pullbacks. But $17.50 and levels below remain crucial to avoid negating bullish momentum.</p>  
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<h2 class="wp-block-heading" id="strong-institutions-stealthily-accumulating-strong"><strong>Institutions Stealthily Accumulating</strong></h2> 
<p>According to <strong><a href="https://twitter.com/lookonchain/status/1754713627259818258" target="_blank" rel="noreferrer noopener nofollow">Lookonchain</a></strong>, a mysterious whale/institution is accumulating LINK, with over $42 million withdrawn from Binance lately into newly created wallets. This signals significant conviction around current prices. A total of 47 fresh wallets withdrew 2,237,504 LINK.</p> 
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<p>So in essence, LINK appears perfectly positioned technically and fundamentally for additional parabolic upside. The surging adoption of its cross-chain oracles matches elegantly with historical analysis favoring sharp rallies after low-risk breakouts.</p> 
<p>Yet LINK must still overcome short-term limitations around the supply wall. While risks endure amid the tentative environment, LINK continues to assert itself as an outlier bucking bearish trends, making it an extremely attractive opportunity around current bargain levels.</p> 
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<p>The post <a href="https://captainaltcoin.com/chainlink-faces-stiff-resistance-between-these-two-key-levels-on-chain-analyst-identifies-47-wallets-accumulating-link/">Chainlink Faces Stiff Resistance Between These Two Key Levels, On-Chain Analyst Identifies 47 Wallets Accumulating LINK</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Chainlink Faces Stiff Resistance Between These Two Key Levels, On-Chain Analyst Identifies 47 Wallets Accumulating LINK

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