Chainlink faces uncertainty, remaining within the $16.00–$19.50 range despite attempts to break resistance at $19.50.
Chainlink Price: Resistance and Support
Chainlink closed at $17.96, struggling to break resistance at $19.50. Intraday volatility has kept LINK in a consolidation phase, but a breakout is possible if it surpasses $19.75. Failing to hold $16.00 might result in a decline toward $12.80 and possibly $10.00.
Decreasing Exchange Supply
Analysis shows Chainlink's exchange supply dropping to 0.147, typically indicative of whale accumulation. This could lead to a potential supply shock, possibly driving LINK's price to $30.00, with further potential toward $37.00.
DeFi Market Growth and Trends
Chainlink's TVL surged past $20 billion, indicating increased capital flow into DeFi projects. Historically, high TVL activity has correlated with LINK's price appreciation. Continued trading and TVL growth may lead to a bullish cycle for Chainlink.
Chainlink continues its struggle to secure positions above resistance levels. The reduction in supply and DeFi growth may trigger a new price rally.
