Chainlink Builds Solid Demand Between $14.8 And $15.2, LINK Could Hit This Price Level With The Lack Of Resistance

According to crypto analyst Ali, Chainlink (LINK) has established a solid on-chain demand zone between $14.8 and $15.2. Approximately 17,650 addresses have accumulated over 85 million LINK tokens in this area.

With minimal overhead resistance ahead, this base of support positions LINK favorably for an advance back toward the psychological $20 level.

Additional technical analysis

AltFINS echoes the bullish perspective in its latest report:

  • Overall uptrend intact across higher timeframes
  • A pullback to $11.80 re-energized bullish momentum.
  • Oscillators turning upward with room to run
  • Next target at $17 en route to $20

Source: altFINS – Start using it today

They too cite the lack of substantial resistance through the $17 zone, with breaches of this area opening up airspace for LINK to challenge its prior all-time high around $35.

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Favorable Long-Term Setup

altFINS also notes LINK remains well-positioned as a prime infrastructure play as the adoption of crypto-based financial products like tokenized US Treasuries accelerates, necessitating decentralized oracles.

With fundamentals and tokenholder on-chain activity supporting the bull thesis, traders may use the recent basing formation to gain LINK exposure heading into the next crypto run-up.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency