Chainlink Stabilizes Near Critical Support As Exchange Outflows Continue
The post Chainlink Stabilizes Near Critical Support As Exchange Outflows Continue appeared on BitcoinEthereumNews.com.
Chainlink holds near key Fibonacci support with potential rebound target at $19. Persistent exchange outflows signal long-term accumulation amid reduced trading activity. LINK market cap declines after early 2025 rally, testing investor sentiment near $12 support. Ali, a crypto analyst, recently took to X to note that Chainlink (LINK) could rebound toward $19 if buying pressure increases around the $12 mark. He pointed to a group of technical indicators, specifically the 0.618 Fibonacci retracement level, and a long-standing ascending trendline, as signals of possible strength. According to his analysis, the $13.05 price zone marks a major area for a trend reversal, while the structural support near $11.18 could offer additional stability if tested. The post suggests that LINK is approaching a decisive point in its medium-term price direction. Source: X As of press time, Chainlink was trading at $12.72, up 1.68% in the last 24 hours, according to data from CoinMarketCap. The token rebounded from a low of $12.57 during intraday trading, climbing above the $12.70 range with session highs near $13.00. Source: CoinMarketCap The current price action places LINK just above the 0.618 Fibonacci retracement level, derived from its previous peak of $28.86. This zone has historically acted as strong support during corrections. Also, the upward-sloping trend line, which started in the middle of 2023, provides structural support, currently at around $11.18. In the event LINK cannot sustain this support level, the next significant technical level is at $9.75, which is the 0.786 Fibonacci retracement. Exchange Outflows Suggest Long-Term Holding Behavior According to CoinGlass data, Chainlink has seen consistent net outflows from spot exchanges since early December 2023. These outflows, represented by red bars in the chart, indicate that more LINK tokens are withdrawn from trading platforms than deposited. The most outflows occurred in mid-December and late January, each…
Filed under: News - @ April 5, 2025 9:15 pm