Ethereum

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Chainlink

Oracle service provider Chainlink has decoupled majorly from the broader market correction with more than 6% in the last 24 hours. As of press time, the <a href="https://coingape.com/price/chainlink/" target="_blank" rel="noopener noreferrer nofollow">Chainlink (LINK) price</a> is trading closer to its crucial resistance of $17.5 with its market cap crossing $10.1 billion. Moreover, the daily trading volume for LINK has also surged by 80% moving all the way to $858 million.
<h3 id="chainlink-on-chain-data-flashes-bullish-signal">Chainlink On-Chain Data Flashes Bullish Signal</h3>
According to insights from on-chain data provider Santiment, Chainlink (LINK) has emerged as a standout performer within the cryptocurrency market, surging past the $17.50 mark for the first time in six weeks.
Today’s on-chain analysis reveals a striking trend: for every one Chainlink transaction recorded at a loss, there are 11 transactions showing a profit. This remarkable ratio marks the highest level observed since December 8, 2022, suggesting a strong bullish sentiment surrounding Chainlink’s recent price movements.
<figure id="attachment_198499" aria-describedby="caption-attachment-198499" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-198499" src="https://coingape.com/wp-content/uploads/2024/05/Chainlink-LINK-Price-1.jpeg" alt="" width="2460" height="1759" srcset="https://coingape.com/wp-content/uploads/2024/05/Chainlink-LINK-Price-1.jpeg 2460w, https://coingape.com/wp-content/uploads/2024/05/Chainlink-LINK-Price-1-300x215.jpeg 300w, https://coingape.com/wp-content/uploads/2024/05/Chainlink-LINK-Price-1-1224x875.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/05/Chainlink-LINK-Price-1-768x549.jpeg 768w, https://coingape.com/wp-content/uploads/2024/05/Chainlink-LINK-Price-1-1536x1098.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/05/Chainlink-LINK-Price-1-2048x1464.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/05/Chainlink-LINK-Price-1-150x107.jpeg 150w" sizes="(max-width: 2460px) 100vw, 2460px">
 <figcaption id="caption-attachment-198499" class="wp-caption-text">
 Courtesy: <a rel="noopener noreferrer nofollow" href="https://x.com/santimentfeed/status/1793863195788267961" target="_blank">Santiment</a>
 </figcaption>
</figure>
<h3 id="this-breakout-can-trigger-major-surge-for-link-price">This Breakout Can Trigger Major Surge for LINK Price</h3>
The current Chainlink price is encountering resistance attributed to a daily bearish order block, where significant market participants have historically placed sell orders at $17.58.
This resistance level coincides with the weekly resistance barrier at $16.48. Failure of buyers to drive the LINK price higher could potentially trigger a retracement. In such an event, analysis from the volume profile indicator suggests that a significant volume of trades occurred around $14.62, indicating potential support for the anticipated correction.
Notably, this level closely aligns with the 61.8% Fibonacci retracement level, presenting an attractive accumulation zone for a potential second bullish leg.
<img decoding="async" class="aligncenter size-full wp-image-198501" src="https://coingape.com/wp-content/uploads/2024/05/LINKUSDT.png" alt="" width="1815" height="815" srcset="https://coingape.com/wp-content/uploads/2024/05/LINKUSDT.png 1815w, https://coingape.com/wp-content/uploads/2024/05/LINKUSDT-300x135.png 300w, https://coingape.com/wp-content/uploads/2024/05/LINKUSDT-1224x550.png 1224w, https://coingape.com/wp-content/uploads/2024/05/LINKUSDT-768x345.png 768w, https://coingape.com/wp-content/uploads/2024/05/LINKUSDT-1536x690.png 1536w, https://coingape.com/wp-content/uploads/2024/05/LINKUSDT-150x67.png 150w" sizes="(max-width: 1815px) 100vw, 1815px">
The recent surge in bullish sentiment following the approval of an Ethereum spot ETF has heightened optimism. Should Chainlink find support around $14.62, it could signal an 18% rally to retest the $17.58 daily order block. In a highly optimistic scenario, a successful breach of this resistance level could propel the Chainlink price to $22, marking a total gain of 50%, amid <a href="https://coingape.com/markets/chainlink-price-analysis-whale-accumulation-for-20/" target="_blank" rel="noopener noreferrer nofollow">Chainlink whale accumulation</a>.
Even with robust technical analysis and on-chain data supporting Chainlink’s potential, a weekly candlestick close below $13.59 would negate the bullish outlook by forming a lower low on a higher timeframe. Such a scenario could result in a 13% decline in LINK price, potentially leading it towards a critical support level at $11.80.
Additionally, the on-chain data also shows improvement for Chainlink. There has been a significant surge in the number of active addresses within the Chainlink network, rising from 2,900 on May 18 to 11,300 on May 21. This notable increase indicates a growing demand for the Chainlink platform.
The post <a href="https://coingape.com/chainlink-link-price-jumps-7-5-this-breakout-to-trigger-major-rally/" rel="noopener noreferrer nofollow">Chainlink (LINK) Price Jumps 7.5%, This Breakout To Trigger Major Rally</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Chainlink (LINK) Price Jumps 7.5%, This Breakout To Trigger Major Rally

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