The post Chainlink Consolidation Signals Potential Rally appeared on BitcoinEthereumNews.com.

Chainlink (LINK) closed indecisively at $17.96, struggling to break resistance at $19.50. The price remained inside the $16.00 – $19.50 range, signaling market hesitation. A breakout above $19.50 could push LINK toward $30.00, with a long-term target of $37.00 if momentum sustained. Intraday volatility kept LINK within a tight consolidation phase. Above $19.75, buying pressure could strengthen, leading to bullish continuation. Failing to hold $16.00 might trigger a decline toward $12.80 and possibly $10.00. LINK/USDT daily chart | Source: Trading View A W-pattern breakout played out in October 2024, leading LINK from $9.50 to over $20.00 in weeks. – Advertisement – Exchange supply dropped to 0.147, indicating fewer tokens available for sale, a historically bullish sign. LINK needed more daily candle confirmations before upward continuation. Long-term, increased DeFi adoption and reduced exchange supply supported bullish price action. A move past $30.00 would confirm LINK’s recovery, with a strong probability of reaching $37.00. What Plummeting Chainlink Supply on Exchanges Means? Analysis of Chainlink’s exchange supply dropped to 0.147, marked a sharp decline. Historically, such trends signaled whale accumulation rather than sell-offs. This pattern suggested a potential supply shock in the coming months. LINK’s price fell to $17.80, correlating with the declining exchange supply. Despite short-term weakness, supply reduction often preceded strong price rebounds. The last major supply drop in late 2024 led to LINK rallying from $9.50 to $25.00. Whales accumulated aggressively as retail panic-selling increased. OTC transactions likely influenced price suppression, ensuring accumulation at lower levels. The market’s current manipulation phase suggested institutions were positioning for future price surges. LINK exchange supply ratio | Source: CryptoQuant LINK needed to reclaim $19.50 to confirm strength. A continued decline below $15.00 might trigger a test of $12.80. Shrinking exchange supply, combined with increased DeFi adoption, positioned LINK for a potential breakout in…

---

Filed under: News - @ February 22, 2025 4:26 am