TLDR
- Chainlink hits $18.4 in latest trading session with 10% daily gain
- Key resistance zone identified between $18.4-$26.3
- Over 57 million LINK tokens concentrated at $22 price level
- 100,220 wallet addresses could impact next price movement
- Support levels established in $11-15 range
The cryptocurrency Chainlink (LINK) has reached a notable price point of $18.4, recording a strong 10% upward movement in daily trading. Market data shows that the token now faces a critical test as it approaches a zone where thousands of investors previously entered positions.
Fresh analysis from blockchain intelligence firm IntoTheBlock has revealed a concentrated band of LINK holders who bought their tokens in a specific price range. The data points to roughly 100,220 different wallet addresses that acquired approximately 57.2 million LINK tokens between the prices of $18.4 and $26.3.
Market watchers have zeroed in on the $22 price level, which represents a particularly dense accumulation zone. This price point has caught the attention of traders due to the sheer volume of tokens held by investors who bought at this level.
Trading expert Ali Martinez shared insights about these crucial price levels on social media platform X. Martinez’s examination of the data suggests that clearing the $22 hurdle could open new possibilities for LINK’s price action, as fewer resistance points exist above this threshold.
The cryptocurrency’s journey toward these price levels has sparked interest among market participants. Traders are paying close attention because price movements often become more volatile when approaching levels where many investors initially bought in.
Looking at the market structure, two solid support zones have formed between $11-13 and $13-15. These price ranges, where previous buying activity was strong, could help stabilize LINK’s price if a downturn occurs.
The relationship between price and holder behavior often creates interesting market dynamics. When prices approach levels where large groups of investors bought in, it can trigger various responses from these holders, potentially affecting market movement.
Historical data shows that areas with high concentrations of buyer cost basis often act as important price points. The current situation with LINK exemplifies this pattern, with the $18.4-26.3 range containing a notable portion of total holder addresses.
Trading volumes have picked up as LINK approaches these key levels. The increased activity suggests growing interest from market participants as the token tests these important price points.
Technical indicators show LINK maintaining upward momentum in recent trading sessions. The 10% price increase over 24 hours points to building buying pressure as the token approaches the resistance zone.
On-chain metrics reveal that the concentration of holders in the $18.4-26.3 range represents one of the largest groupings of LINK investors by purchase price. This concentration makes the zone particularly important for future price development.
Market analysts note that successful navigation through the $22 resistance area could lead to decreased selling pressure above this point. This observation comes from the relatively lower number of holder addresses at higher price points.
Daily trading patterns show consistent buying activity as LINK moves toward these crucial levels. The steady price increase suggests growing market confidence in the token’s near-term prospects.
The current market structure indicates limited overhead resistance beyond the $22 mark. This characteristic could prove important if LINK manages to break through the current resistance zone.
Recent price action demonstrates LINK’s ability to maintain buying pressure as it tests higher levels. The 10% gain over the past day shows continued market interest in pushing prices upward.
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