- “Unlike many other assets, its price often sees an initial lift when $LINK moves to exchanges.” : Santiment.
- LINK reached its highest price of $7.30 on September 25.
- Chainlink may reach the $8.5 resistance level despite it touching the upper Bollinger band.
Santiment, a market analytics tool tweeted that Chainlink (LINK) “Unlike many other assets, its price often sees an initial lift when $LINK moves to exchanges.” The price of Chainlink (LINK) has gone up by more than 23% in 2 weeks due to the exchange supply being transferred to cold wallets. On September 14, the LINK supply peaked at 17.2% making it the 2023 high while within 10 days, that 17.2% spike dropped to 16.4%.
Currently, the supply is at around 15% while the price of Chainlink rose by 9% during the last seven days. The trading volume of LINK dropped by 13.7% to $200,023,810 during the past week while its market rose by 1.28% to $4,020,594,959, making it rank 19 in the market cap list.
When looking at the above chart, it can be seen that LINK has been making higher highs for the first three days of the week. However, during the course of the third, there was a dip in prices as LINK made lower highs. But it recovered on the fourth day and started to make higher highs until the second half of the sixth day brought some price loss. During the past week, LINK reached its highest price of $7.30 today.
When looking at the chart above, we can see that LINK is on the rise. Although it has been hugging the upper band, LINK has still been rising. This shows that the buying pressure for LINK is very high. However, as per the normal behavior of any crypto, there is a high chance that LINK could ricochet off of the upper band and traverse towards the lower band.
Hence, if the market deems that LINK is overbought, then it may look for support at $5.83. If the bears are too strong for the support to hold, then, LINK may resort to support from the 5.05 support level.
On the other hand, if the buyers keep entering the market and the price of LINK keeps increasing, then, Chainlink could increase and touch the $8.5. Moreover, there seems to be more trading activity for LINK at the current price. Hence, this increases the chances of LINK going. As such traders may need to take precautions when trading LINK.
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