Within the volatile cryptocurrency market, Chainlink price demonstrates stability and growth, increasing after the previous dip, indicating improved demand.
Chainlink Price Bounces Off $13.07
Chainlink price gained momentum by resisting its dip at $13.07 to reach $16.16 during its daily closure, with a 17% increase. This movement indicates bullish dominance, as long-tail candles on the daily chart suggest sustained buying interest.
Resistance at $17.31
Meanwhile, Chainlink price needs to break through resistance at $17.31 before it can attempt sustained growth. LINK’s ability to surpass this resistance will enable it to advance toward the $20 psychological level, securing a sustained upward trend.
Rising Exchange Supply Challenges
Analysts noted that 2.23 million LINK tokens moved to exchanges over the last two weeks, raising the total number of tokens on exchanges to 197.14 million LINK. This has led to concerns about strong selling pressure.
Chainlink continues to show steady growth in the current market volatility, yet the increased supply on exchanges might pressure its future dynamics.
