The post Chainlink Faces Key Resistance at $23.78 — Can LINK Defy the Odds? appeared on BitcoinEthereumNews.com.

Over the past week, LINK has nosedived by 12%, echoing the wider market’s struggles as Bitcoin tumbles below $96K. The crypto landscape is navigating choppy waters, and Chainlink (LINK) is no exception. Analysts, however, are fixated on one key resistance level—$23.78. Breaking past could change the game. Ali Martinez, a well-known crypto analyst, has highlighted this price level as a critical threshold for LINK. If the token fails to surpass it, further declines may be inevitable. However, if LINK crosses this barrier, a bullish rally could take shape, leading to significant price gains. Global LINK In/Out of Money chart | Source: @ali_charts on X According to Ali’s insights, nearly 78.95% of LINK holders purchased their tokens at an average of $15.28, meaning they remain profitable. Meanwhile, 14.18% of holders bought at an average price of $23.78, currently sitting at a loss. That resistance level holds weight, as investors who bought between $20.96 and $26.25 may offload their tokens to break even. Investor Pressure and Whale Activity Weigh on LINK’s Recovery A price push towards $23.78 could trigger mass sell-offs from those seeking to recover their investments. This could create significant selling pressure but should LINK clear that hurdle, investor sentiment may shift, paving the way for a rally toward $25, $30, and potentially higher. Another worrying sign has been the recent whale activity. A few days ago, major holders dumped a staggering 4 million LINK tokens into the market. This kind of large-scale liquidation is often seen as a signal of declining confidence, which is reflected in LINK’s sharp weekly drop. Whales offloaded 4.13 million LINK | Source: @ali_charts via X At the time of writing, LINK is trading at $18.64, according to BNC’s LINK Price Index. The trading volume has also declined by 18% to reach $397.13 million amidst…

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Filed under: News - @ February 11, 2025 12:25 am