Chainlink Price Holds Steady After Resistance Rejection
Chainlink (LINK) price is steady around $17.66 on Wednesday. It faced resistance and dropped slightly the day before. On-chain data shows some large holders, called whales, are buying LINK tokens. Technical indicators suggest the selling pressure is easing, hinting at a possible recovery.
Whales Accumulate LINK, Derivatives Data Shows Bullish Signs
- Santiment data shows whales holding 100,000 to 1 million LINK and 10 million to 100 million LINK bought 12.21 million tokens from Friday to Wednesday.
- Wallets holding 1 million to 10 million LINK sold 11.87 million tokens in the same period.
- This suggests some whales sold during a market drop, while others bought at lower prices.
- CryptoQuant reports large average order sizes in LINK futures, indicating more whale activity.
- Coinglass shows the LINK long-to-short ratio at 1.11, the highest in over a month, meaning more traders expect prices to rise.
Chainlink Sees Growing Adoption in Crypto Industry
- Polymarket launched 15-minute crypto prediction markets using Chainlink on Monday.
- Treehouse, a decentralized fixed income platform with $375 million TVL, adopted Chainlink CCIP to create cross-chain tokens tETH and TREE.
- ElizaOS, a platform for AI agents, also adopted Chainlink’s cross-chain token standard to enable token transfers across multiple blockchains.
- These partnerships show Chainlink’s expanding use and growing trust in the crypto space.
Chainlink Price Outlook: Signs of Recovery
LINK found support at $15.82 last Friday and rose over 12% in three days. It faced resistance near the 200-day EMA at $18.97 on Tuesday and pulled back slightly. The price is around $17.71 on Wednesday.
If LINK breaks above the 200-day EMA, it could rise toward the next resistance at $23.81. The Relative Strength Index (RSI) is 41 and moving up, showing early signs of less selling pressure. The MACD indicator is close to a bullish crossover, which supports a possible price recovery.
If prices fall, LINK may test support again at $15.82.
