#Chainlink
Chainlink – Why THIS level could reopen LINK’s path to $15
Chainlink’s rally is changing the historical price movement and exchange supply correlation. Chainlink [$LINK ] moved out of its previous trading range between $7 and $10.
Later on, the altcoin rose above $15 after hovering around $9. Since then, it has been trending downward towards $13.89.
Despite this upward move, $LINK reserve balances on exchanges remained relatively unchanged between 124 million and 130 million $LINK .
This is opposed to spiking as they did with other rallies prior to declines in prices, making more tokens potentially available for sale.
According to CryptoQuant data, exchange reserves sit at approximately 124.3 million, near the multi-year lows and significantly less than the record high of 190 million at the beginning of 2024.
Therefore, the rally appears to have occurred without the typical increase in supply that would normally occur with a price increase. If reserve levels remain at multi year lows, it is possible that selling pressure will remain limited.
Thus continuing to support the underlying structural integrity of the token and enabling another attempt towards recent highs.
$LINK tests key support
With long-term exchange supply remaining weak, $LINK ’s next test will be to determine if the price can regain short-term momentum past its short-term base. Price had reached $15.60 but was unable to hold the $14.15 and $14.60 trading range when price moved lower toward $13.30.
The buyers were able to quickly defend $13.58, allowing for the price to rebound toward $14.00 and limit the overall downward movement.
Defending $13.58 was critical, as it separates a controlled pullback from a deeper structural breakdown.
Holding it keeps the rising trendline within reach and allows buyers to challenge the broken range again. Therefore, the next move above $14.15–$14.60 would signal that demand has absorbed the sell-off and could reopen the path toward $15.60.
#LINK #Write2Earn $LINK
Chainlink – Why THIS level could reopen LINK’s path to $15
Chainlink’s rally is changing the historical price movement and exchange supply correlation. Chainlink [$LINK ] moved out of its previous trading range between $7 and $10.
Later on, the altcoin rose above $15 after hovering around $9. Since then, it has been trending downward towards $13.89.
Despite this upward move, $LINK reserve balances on exchanges remained relatively unchanged between 124 million and 130 million $LINK .
This is opposed to spiking as they did with other rallies prior to declines in prices, making more tokens potentially available for sale.
According to CryptoQuant data, exchange reserves sit at approximately 124.3 million, near the multi-year lows and significantly less than the record high of 190 million at the beginning of 2024.
Therefore, the rally appears to have occurred without the typical increase in supply that would normally occur with a price increase. If reserve levels remain at multi year lows, it is possible that selling pressure will remain limited.
Thus continuing to support the underlying structural integrity of the token and enabling another attempt towards recent highs.
$LINK tests key support
With long-term exchange supply remaining weak, $LINK ’s next test will be to determine if the price can regain short-term momentum past its short-term base. Price had reached $15.60 but was unable to hold the $14.15 and $14.60 trading range when price moved lower toward $13.30.
The buyers were able to quickly defend $13.58, allowing for the price to rebound toward $14.00 and limit the overall downward movement.
Defending $13.58 was critical, as it separates a controlled pullback from a deeper structural breakdown.
Holding it keeps the rising trendline within reach and allows buyers to challenge the broken range again. Therefore, the next move above $14.15–$14.60 would signal that demand has absorbed the sell-off and could reopen the path toward $15.60.
#LINK #Write2Earn $LINK
