Chainlink (LINK) has recently demonstrated selective accumulation amid market pullbacks, yet the overall sentiment remains cautious as it struggles to maintain key support levels. The publication provides the following information:
LINK Price Struggles to Maintain $14.20
Despite attempts to hold above the $14.20 mark, LINK has faced challenges, previously dipping to $13.03 before stabilizing around $13.38. The trading volume has seen spikes, reaching nearly 314 million, indicating a short-term interest rather than a definitive trend reversal.
On-Chain Analysis and Wallet Accumulation
On-chain analysis reveals that two significant wallets have accumulated a combined total of 414,935 LINK, valued at approximately $548 million. However, despite this accumulation, Chainlink continues to encounter resistance near the $14 level. There are potential downside risks looming closer to $12.90 if buying momentum diminishes.
Recent analysis indicates that SIGHT is experiencing a bearish trend, contrasting with Chainlink's selective accumulation. For more details, see the full report on the SIGHT market analysis.
