Ethereum

Future

Chainlink

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/chainlinks-price-surges-over-5" data-wpel-link="internal" rel="noopener noreferrer nofollow">Chainlink’s Price Surges Over 5%</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/chainlink-signals-entry-into-top-10-cryptocurrencies" data-wpel-link="internal" rel="noopener noreferrer nofollow">Chainlink</a> (LINK) has experienced a notable price surge of more than 5% within the last 24 hours, diverging from the broader market trend. Recent data indicates that LINK’s <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market valuation</a> has exceeded $10.1 billion, with its price trading close to the crucial resistance level of $17.5. Furthermore, LINK’s daily trading volume has surged by 80%, amounting to $858 million.</p>
<h2 id="chainlink-s-on-chain-data-shows-promising-signs">Chainlink’s On-Chain Data Shows Promising Signs</h2>
<p style="text-align: justify">According to on-chain data provider Santiment, Chainlink surpassed the $17.50 mark for the first time in six weeks, demonstrating a strong performance in the cryptocurrency market. On-chain analysis reveals that for every Chainlink transaction at a loss, there are 11 transactions in profit, the highest ratio since December 2022. This trend suggests a bullish sentiment surrounding LINK’s recent price actions.</p>
<p style="text-align: justify">However, LINK’s price is currently facing resistance due to a daily sell order block historically positioned by significant market players at $17.58, aligning with a weekly resistance barrier at $16.48. Should buyers fail to push LINK’s price higher, a pullback could be imminent.</p>
<h2 id="future-trends-for-link">Future Trends for LINK</h2>
<p style="text-align: justify">The volume profile indicator analysis shows substantial trading activity around $14.62, implying potential support for the anticipated correction. This area also corresponds with the 61.8% Fibonacci retracement level, presenting an attractive zone for potential accumulation and a possible second bullish leg.</p>
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2>
<p style="text-align: justify">– The recent bullish sentiment following the spot Ethereum ETF approval has spurred market optimism.<br> – Consistent support around $14.62 on the weekly chart could propel LINK to retest $17.58.<br> – Overcoming this resistance may lead to a 50% price increase, targeting $22.<br> – Conversely, a weekly close below $13.59 could undermine the bullish outlook, potentially causing a 13% drop to $11.80.<br> – Rising active addresses on the network suggest increasing demand for Chainlink.</p>
<p style="text-align: justify">The recent surge in LINK’s price, coupled with strong on-chain data and bullish market sentiment, paints a promising picture for Chainlink’s <a href="https://newslinker.co" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">future trajectory</a>. Nonetheless, investors should remain cautious of potential pullbacks and monitor key support levels closely.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/chainlinks-price-surges-over-5" data-wpel-link="internal" rel="noopener noreferrer nofollow">Chainlink’s Price Surges Over 5%</a></h5>

Chainlink’s Price Surges Over 5%

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