Oracle Network Chainlink’s native token It climbed to $18.80 on Monday as large holders added significant positions despite the coin struggling to fully recover from October’s correction.
CoinDesk Research’s technical analysis model notes that the token established a series of higher lows at $18.10 and $18.42, forming a bullish structure. It has posted a solid gain of 3% in the last 24 hours, outperforming the broader crypto market.
The breakout above the key $18.70 level was accompanied by an increase in volume of 3.07 million. Despite the progress, trading activity remains more than 5% below the seven-day moving average.
With a break of the $18.70 resistance level that capped previous rallies, the technical picture appears constructive for continued upside. However, the low volume profile during the advance creates a divergence that requires caution.
Meanwhile, LINK whales, or large token holders, have withdrawn nearly 10 million tokens from crypto exchange Binance since the October 11 crypto crash, as blockchain spy LookOnChain reported. It is worth about $188 million at current prices, indicating continued accumulation by deep-pocketed investors.
Key technical levels signal caution for LINK
- Support/Resistance: Strong support established at $18.24 with resistance hovering between $18.70-$18.75.
- Volume Analysis: Despite the price increase, 24-hour volume decreased by 5.55% from the weekly average, suggesting limited institutional participation.
- Chart Pattern: Ascending channel structure intact since mid-2023 with recent bounce off lower boundary support.
- Targets and Risk/Reward: Immediate upside target at $20.04 resistance, with downside risks towards $18.10 support if momentum fails to sustain.
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