Chainlink Could Finally Rebound from Here as 17K Addresses Buy 47 Million LINK at Crucial Support

Noted crypto analyst Ali shared that Chainlink (LINK) has traded above a key support zone recently. Specifically, Ali reported that over 17,000 addresses bought 47 million LINK tokens between $14.4 and $14.8. He explained that this level of accumulation indicates crucial support.

Investor Sentiment Growing Cautiously Optimistic

While this support level may be enough to hold and trigger a price rebound from current levels, Ali warned that investors must remain cautious. According to him, “Any signs of weakness could encourage investors to sell some of their LINK holdings to avoid incurring losses.”

Essentially, if prices violate the support zone decisively, the floodgates could open for more selling as speculators rush for the exits. So while investor sentiment seems to be growing cautiously optimistic given the increased accumulation, experts like Ali advise exercising caution until clear confirmation of a trend change emerges.

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For now, LINK continues holding above the key $14-15 support zone identified by Ali. Whether bulls can maintain these levels and catalyze a rebound remains to be seen. But with 17,000 addresses buying the dip here, the crypto does seem to have substantive backing on its side for the first time in months.

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Philipp Traugott
Philipp Traugott

Phil Traugott is a staff writer at CaptainAltcoin. As a trained marketing specialist for copywriting and creative campaigns, he has been advising top companies on the following topics: online marketing, SEO and software branding for more than 10 years. The topic of crypto currencies is becoming increasingly important for companies and investors and he found it very alluring and fitting for his skillset which prompted him to pivot his career towards blockchain and cryptocurrencies.