- Chainlink shows potential for a 40% rally, but breaking the $13 resistance is crucial for this move.
- Large transactions spike, while on-chain metrics show continued accumulation of LINK over the past month.
Chain link [LINK] acted on $11.09 at the time of writing, down 6.16% in the past 24 hours. The token has a circulating supply of 630 million LINK, giving it a market capitalization of approximately $6.95 billion.
Trading volume in the last 24 hours was $594.2 million, indicating active trading despite the recent price drop.
The current price movement comes after a period of consolidation in the $11-$12 range, following a downtrend. Analysts are closely watching the $13 resistance level as it has repeatedly served as a key barrier. A break above this level could signal a bullish trend shift.
Potential breakout and major resistance
Michaël van de Poppe, a crypto analyst, maintains a bullish view on Chainlink. He expects a breakout within the next two weeks if LINK can overcome the $13 resistance. He describes this level as:
“the key to triggering further upward movement.”
Source:
If LINK successfully breaks above $13, the price could potentially rise to the $18 level, representing a gain of around 40% from the breakout point. The Relative Strength Index (RSI) is currently in neutral territory, indicating there is room for upward movement.
Statistics in the chain: large transactions are increasing
In the past 24 hours, 192 major transactions were recorded on the Chainlink network, matching the seven-day high reached on October 25. This is an increase from the seven-day low of 54 transactions on October 19.
Source: IntoTheBlock
The increase in the number of large transactions indicates increased interest or significant capital movements among large investors.
Furthermore, the In/Out of the Money analysis shows that 37.51% of addresses (262.38k) are in the money, having purchased LINK at prices below $11.08. Meanwhile, 58.90% of addresses (411.97k) are out of the money, indicating they bought at higher prices.
Source: IntoTheBlock
This could create stronger resistance as prices approach the $11.81-$13.17 range.
Alternating inflow and outflow
IntoTheBlock data from the last 24 hours reveals net inflows of +105.43k LINK to exchanges, indicating potential near-term selling pressure. However, over the past week, a net outflow of -181.08k LINK indicates broader accumulation by holders.
Looking at the 30-day change, there is a net outflow of -662.22k LINK, indicating continued long-term accumulation trends.
Source: IntoTheBlock
Is your portfolio green? View the LINK Profit Calculator
These inflow and outflow patterns point to possible short-term selling within a broader context of long-term accumulation.
The recent increase in currency inflows could be a temporary response, while the larger outflows over the past month reflect confidence in LINK’s longer-term prospects.