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Investor Optimism Surges as $680 Million Worth of Chainlink (LINK) Tokens Near Profit


Chainlink price, currently trading under $18, has the potential to break out and note a rally, which could mean considerable profits.

However, there are some resistances in the path of this rise that might limit the altcoin’s growth.

Chainlink price, after falling for the past two weeks, is attempting to initiate a recovery again. Although it has been struggling for the past few days, by the looks of it, this is about to change.

LINK holders have shown a sudden rise in interest in the asset, which is evident from the increased participation across the network. Active addresses shot up by nearly 104% on the daily timeframe, hitting a two-month high.

Chainlink Active Deposits.
Chainlink Active Deposits. Source: Santiment

This shows that investors are expecting an increase in price down the line.

This is furthered by the fact that nearly 38.55 million LINK tokens are inching closer to the point where they become profitable. This $684 million worth of supply was bought between $17.49 and $18.73. Consequently, investors would choose not to sell their holdings for now until another $684 million worth of profits are gained.

Chainlink GIOM.
Chainlink GIOM. Source: IntoTheBlock

Chainlink’s price trading at $17.80 is testing the local support of $17.85, bouncing off of which would push the altcoin above the $18.73 resistance. As the aforementioned supply becomes profitable, LINK would note further upside.

LINK/USDT 12-hour chart.
LINK/USDT 12-hour chart. Source: TradingView

Read More: How To Buy Chainlink (LINK) and Everything You Need To Know

However, losing the $17.85 support could trigger a decline to the $16.95 support floor. This support has undergone multiple tests in the past, and breaching it would invalidate the bullish thesis. Consequently, Chainlink’s price could fall to $16.00.

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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.


Conclusion

In conclusion, the Chainlink price is currently under $18, but there is a potential for a breakout and rally that could result in significant profits. Investors have shown optimism towards Chainlink, with a sudden rise in interest and increased participation across the network. This is evident from the surge in active addresses to a two-month high. Additionally, a large amount of LINK tokens are close to becoming profitable, indicating that investors are expecting a price increase. However, there are resistances in the path of this rise that could limit the altcoin’s growth. Overall, the market sentiment towards Chainlink appears positive despite some challenges ahead.

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