Chainlink Faces Stiff Resistance Between These Two Key Levels, On-Chain Analyst Identifies 47 Wallets Accumulating LINK

Chainlink’s native LINK token continues to power to new recovery peaks, now trading around $19. According to multiple expert perspectives, the momentum surge may presage a steep continuation towards ambitious upside targets.

Supply Wall Must Get Cleared

Crypto trader Ali highlights major supply resistance between $19.40 and $20.03 from over 5,330 addresses holding 8.59 million LINK. Breaking this barrier opens up upsides towards $26.87 (38% increase).

Analyst Rekt Capital asserts LINK is successfully breaking out of its consolidation range. Any short-term dips are likely to be bought for continued upside rather than reversing the confirmed breakout.

Low-Risk Rally Favors Sustainability

Upside-Down Crypto Data notes that the rally emerged from relatively low risk levels historically. These conditions tend to spur sustained legs higher, especially when surging to new YTD highs.

Trader CryptoHotep sees $19.50 proving support for LINK’s next “leg up” on any pullbacks. But $17.50 and levels below remain crucial to avoid negating bullish momentum.

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Institutions Stealthily Accumulating

According to Lookonchain, a mysterious whale/institution is accumulating LINK, with over $42 million withdrawn from Binance lately into newly created wallets. This signals significant conviction around current prices. A total of 47 fresh wallets withdrew 2,237,504 LINK.

So in essence, LINK appears perfectly positioned technically and fundamentally for additional parabolic upside. The surging adoption of its cross-chain oracles matches elegantly with historical analysis favoring sharp rallies after low-risk breakouts.

Yet LINK must still overcome short-term limitations around the supply wall. While risks endure amid the tentative environment, LINK continues to assert itself as an outlier bucking bearish trends, making it an extremely attractive opportunity around current bargain levels.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.