Chainlink (LINK) maintains a strong position in the market at $21.70. Growing interest from major investors and changes in exchange supply may drive price increases.
Current Status of the Chainlink Market
Today, Chainlink (LINK) is holding at $21.70, which is attributed to bullish sentiment among market participants. Analysts suggest that breaking above the $24 resistance could trigger a multi-phase rise, potentially leading to prices as high as $95.
Fundamental Factors Supporting LINK
Key factors contributing to the growth include the accumulation of LINK tokens, which number in the tens of thousands. Since 2021, a symmetrical triangle formation has been established, indicating possible sharp price movements. Additionally, Chainlink has increased its reserves, reducing the available supply on exchanges.
Whale Actions and Price Growth Potential
Data shows that the number of large LINK holders has increased, with their reserves growing by 4.55 million tokens. Meanwhile, exchange reserves have dropped by 33 million LINK, indicating tighter market liquidity and increased open interest in derivatives. If LINK breaks above $24, it could rise to $31.8.
Chainlink (LINK) demonstrates strong technical and fundamental grounds for the next breakout on the market. If the price range of $21.6-$24 is surpassed, it may signify a shift toward a higher growth cycle.
