The post 610,000 LINK Moved in a Day — Will THIS Derail Chainlink Price Breakout? appeared on BitcoinEthereumNews.com.

Chainlink (LINK) market has seen a significant shift with an influx of 610,000 LINK moved to exchanges in the last 24 hours. Chainlink price indicated a potential increase in selling pressure. This movement correlates with a visible uptick in exchange inflows, as illustrated in the accompanying chart, where spikes in inflow align with dips in the LINK price. As the price trends downward, the recent surge in exchange supply could further pressure the market, possibly leading to lower prices in the short term. LINK activity | Source: Santiment However, this could also present a buying opportunity for investors who believe in the long-term value of LINK and are willing to hold through volatility. Historically, such spikes in selling pressure have sometimes been followed by quick recoveries, suggesting that the current increase in supply on exchanges might be temporary. Signs of stabilization or continuation of the downtrend could help make informed decisions. For those looking to capitalize on potential moves, maintaining patience and observance could be key. Chainlink Price Biggest Breakout in Years—Is $100 Next? Chainlink price shattered its persistent downtrend since 2021, signaling a bullish turnaround that has caught the attention of crypto investors. Currently trading above the critical 21-month EMA, LINK is reinforcing its position above past resistance, now turned support. With the downtrend line decisively broken, LINK sets its sights on ambitious price targets of $53, $100, and even $144. Such milestones are viewed not just as theoretical but feasible, given the recent surge in trading volume and investor interest. LINK/USDT monthly chart | Source: TradingView This breakout suggested that Chainlink was transitioning from bearish to bullish sentiment, as traders and long-term holders alike reassess their strategies around these new support levels. The current market dynamics could fuel further upward movements, especially if broader market conditions stabilize, providing…

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Filed under: News - @ February 27, 2025 2:26 am