The post Will it break $13 resistance for a 40% surge? appeared on BitcoinEthereumNews.com.

 Chainlink shows potential for a 40% rally, but breaking $13 resistance is crucial for the move. Large transactions spike while on-chain metrics reveal sustained accumulation of LINK over the past month. Chainlink [LINK] was trading at $11.09 at press time, experiencing a 6.16% decline over the past 24 hours. The token has a circulating supply of 630 million LINK, giving it a market cap of approximately $6.95 billion.  Trading volume in the last 24 hours reached $594.2 million, indicating active trading despite the recent price drop. The current price movement comes after a period of consolidation in the $11-$12 range, following a downtrend. Analysts are closely watching the $13 resistance level, as it has repeatedly served as a key barrier. A break above this level could signal a bullish trend shift. Potential breakout and key resistance Michaël van de Poppe, a crypto analyst, maintains a bullish outlook on Chainlink. He expects a breakout within the next two weeks if LINK can overcome the $13 resistance. He describes this level as,   “the key to trigger further upward movement.” Source: X If LINK successfully breaks above $13, the price could potentially rally toward the $18 level, representing around a 40% gain from the breakout point. The Relative Strength Index (RSI) is currently in neutral territory, suggesting there is room for upward movement.  On-chain metrics: Large transactions surge In the past 24 hours, 192 large transactions were recorded on the Chainlink network, matching the 7-day high reached on 25th October. This marks an increase from the 7-day low of 54 transactions on 19th October.  Source: IntoTheBlock The surge in large transactions suggests heightened interest or significant capital movement among major holders. In addition, the In/Out of the Money analysis shows that 37.51% of addresses (262.38k) are “in the money,” having purchased LINK at…

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Filed under: News - @ October 27, 2024 7:02 am