On-Chain Metrics Flash Bullish for Chainlink, Analyst Shares Next Target For LINK

January 15, 2024

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

According to Santiment, Chainlink (LINK) hit a 2-week high of around $15.80 over the weekend as on-chain indicators turned overwhelmingly positive. The percentage of circulating supply on exchanges has now dropped below 15% for the first time since 2018.

Additionally, the number of addresses holding a non-zero LINK balance stands just 6% away from its all-time high, signaling strong accumulation by long-term focused investors.

Source: Santiment – Start using it today

Trader Upside Down Crypto Data notes that despite recent range-bound action, nearly 80% of LINK holders currently sit in profit. This suggests minimal sell-side pressure exists around current prices. Traders appear content to hold through consolidation to target much higher prices.

Source: altFINS – Start using it today

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According to altFINS, LINK remains in a long-term uptrend following its pullback. With bullish momentum signals re-emerging as LINK pushes back above the key $14.50 level after retesting support at $11.80:

Pattern: Pullback in a broader uptrend
Next Target: $17
Stop Loss: $13.60
Trend: Short, Long-term Uptrend
Momentum: Turning Bullish

With both fundamentals and technicals aligning constructively for LINK as it builds out its critical role as the leading decentralized blockchain oracle solution, the opportunity appears ripe for exposure over the medium to long term.

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