Chainlink (LINK) Shows Potential for $20 Climb Amid Strong Demand

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Chainlink, also known as LINK, has been trading within a range for the past two months. This range extended from 13.3 to 16.6 dollars. The highs of this range have so far proven to be an insurmountable barrier. However, the bulls can realistically expect that LINK will reach 20 dollars.

A network-wide accumulation of LINK has been observed. The selling pressure was not strong, but the bulls were also not yet ready for a breakout. A recent post by Ali showed that the zone from 14.8 to 15.2 dollars was a strong demand zone for LINK. Using data from IntoTheBlock, he found that 85.13 million LINK were purchased in this zone. He also observed that resistance above was weak. But is another LINK rally possible given such a large proportion of winners?

Weak Selling Pressure and Strong HODLer Sentiment

An analysis of Santiment data showed that a network-wide accumulation of LINK was underway. The average coin age metric has shown an upward trend since December 15th. At the same time, there have been few notable spikes in dormant circulation in the last two weeks. This suggests a lack of selling pressure and a tendency of investors to hold LINK.

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The MVRV ratio (Market Value to Realized Value) has shown a downward trend since mid-November and was just above zero at the time of press. This suggests that the token is not overvalued. Combined with the accumulation trend, it can be concluded that LINK likely still has room for a rally.

A look at the distribution of supply shows that whales (large investors) are accumulating LINK. Addresses with 1 million or more LINK jumped higher on December 7th, while the number of LINK holders between 10 and 1 million fell. This suggests that many holders have sold at a profit. But even before this event, this group of addresses had shown a downward trend, indicating selling activity. After December 7th, however, their holdings increased again as a percentage, meaning they began to accumulate again.

The Importance of the 15-Dollar Mark

The technical analysis of LINK shows that the midpoint of the mentioned range (purple) is at 15 dollars. This is also an important level on a higher timeframe. In the last two months, it has served as both support and resistance. Therefore, both buyers and sellers are evenly positioned in the spot market. At the same time, the amount of LINK purchased in the window from 14.8 to 15.2 dollars means that the bulls would fight fiercely should sellers try to lower prices.

Sources:
– Akashnath S Journalist, AMBCrypto
– Ali, IntoTheBlock
– Santiment
– TradingView

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