Resistance

Convergence

Chainlink

Swing

LINK, a leading Oracle token, experienced notable price fluctuations over the past 24 hours. Bulls managed to push the Chainlink price to an impressive rally, reaching a high of $14.15 before losing momentum. However, as the day progressed, the price trajectory shifted downward, culminating in a minor pullback.&nbsp; 
As of the time of writing, LINK price is trading at $14.21 during the US trading session, making a slight dip of approximately 3% from the day’s highest point. The 24-hour trading volume has surged by 44% to $396 million, indicating significant market activity.&nbsp; 
According to <a rel="nofollow" href="https://coinmarketcap.com/currencies/chainlink/">CoinMarketCap</a> data, Chainlink’s current market cap holds at approximately $8.64 billion, placing it 15th among cryptocurrencies. 
<h2 id="strong-chainlink-price-and-market-fluctuations-strong">Chainlink Price And Market Fluctuations</h2> 
The bullish momentum in <a href="https://coingape.com/markets/chainlink-price-eyes-20-rally-as-major-reversal-pattern/">Chainlink</a> market performance has become more evident over the past week, as indicated by a significant upswing in its trading price. Over the last 7 days, <a href="https://coingape.com/price/chainlink/">LINK price</a> has seen a notable increase of 2% despite the current market correction.&nbsp; 
This uptrend is part of a broader volatile movement observed in the charts, where LINK’s price peaked briefly at $15.00 before settling back to its current position. 
Chainlink reached an all-time high of $52.88 on May 10, 2021, but has since retreated significantly, with a drastic 73% decrease from its peak.&nbsp; Conversely, compared to its all-time low of $0.1263 on September 23, 2017, LINK has made a remarkable recovery, showing an increase of over 11104%. This week’s price movement starts at $13.88 and illustrates a resilient recovery from a dip before encountering resistance that capped gains at $15.00.&nbsp; 
<h2 id="strong-link-s-strategic-shifts-in-wallet-holdings-strong">LINK’s Strategic Shifts in Wallet Holdings</h2> 
Chainlink (LINK) has witnessed significant shifts in ownership distribution, as evidenced by recent data shared by Arca via X post.&nbsp;According to the update, addresses holding between 100,000 and 1 million LINK have increased by 18%. More notably, addresses with holdings valued between $1 million and $10 million experienced a 26% surge. 
<blockquote class="twitter-tweet"> 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 3,644,918 <a rel="nofollow" href="https://twitter.com/hashtag/LINK?src=hash&amp;ref_src=twsrc%5Etfw">#LINK</a> (51,498,761 USD) transferred from unknown wallet to unknown wallet<a rel="nofollow" href="https://t.co/roqtDp0tqG">https://t.co/roqtDp0tqG</a> 
 — Whale Alert (@whale_alert) <a rel="nofollow" href="https://twitter.com/whale_alert/status/1815417886430642544?ref_src=twsrc%5Etfw">July 22, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
In a notable cryptocurrency transaction, 3,644,918 LINK tokens, equivalent to approximately 51.5 million USD, were transferred between two unidentified digital wallets.&nbsp;This substantial movement of funds, observed on blockchain monitoring platforms, highlights ongoing significant financial activity within the cryptocurrency market.&nbsp; 
<h2 id="strong-can-the-link-surpass-the-15-resistance-soon-strong">Can the LINK Surpass the $15 Resistance Soon?</h2> 
Chainlink price faces a potential downturn without robust market backing and might soon approach a support level near $14. If the sell-off intensifies, <a href="https://coingape.com/price-predictions/chainlink-link-price-prediction/">LINK price prediction</a> shows a possible retreat to a $13 support mark. A significant drop could bring it down to $12. 
Conversely, a breakout above the $15 resistance might indicate a bullish turn. This breakthrough could drive LINK towards a crucial $20 resistance level. If the bullish trend strengthens, the coin’s value could surge to $30 in an anticipated rally. 
<figure id="attachment_208879" aria-describedby="caption-attachment-208879" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-208879" src="https://coingape.com/wp-content/uploads/2024/07/LINKUSD_2024-07-22_19-32-32.png" alt="Chainlink Price Analysis As Major Holders Increase Stakes; More Volatility A Head?" width="1154" height="622" srcset="https://coingape.com/wp-content/uploads/2024/07/LINKUSD_2024-07-22_19-32-32.png 1154w, https://coingape.com/wp-content/uploads/2024/07/LINKUSD_2024-07-22_19-32-32-300x162.png 300w, https://coingape.com/wp-content/uploads/2024/07/LINKUSD_2024-07-22_19-32-32-768x414.png 768w, https://coingape.com/wp-content/uploads/2024/07/LINKUSD_2024-07-22_19-32-32-150x81.png 150w" sizes="(max-width: 1154px) 100vw, 1154px">
 <figcaption id="caption-attachment-208879" class="wp-caption-text">
 Chainlink Price Analysis| Source: <a rel="nofollow" href="https://www.tradingview.com/x/y0pQ7djX/">TradingView</a>
 </figcaption>
</figure> 
The daily technical indicators for LINK suggest a recent increase in volatility. The Relative Strength Index (RSI), currently at 52, shows the market is neither overbought nor oversold, indicating a stable trading environment.&nbsp; The Moving Average Convergence Divergence (MACD) highlights a momentum shift with the MACD line crossing above the signal line, suggesting a potential bullish trend in the near term. 
The post <a href="https://coingape.com/markets/whats-next-for-chainlink-price-as-link-whales-swing-back/">What’s Next For Chainlink Price As LINK Whales Swing Back</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

What’s Next For Chainlink Price As LINK Whales Swing Back

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Coingape News Media

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