Connect with us
Active Currencies 13003
Market Cap $2,428,658,753,392.70
Bitcoin Share 49.91%
24h Market Cap Change $-0.79

Is a Chainlink rebound on the cards? The odds are…

2min Read

Despite the bullish sentiment around Chainlink, the altcoin’s value decreased in the last 24 hours.

Is a Chainlink rebound on the cards?

Share this article

  • 12 addresses bought LINK worth $17.5 million.
  • The price dropped but a recovery could be imminent.

Though Chainlink [LINK] has been affected by the market drawdown, the cryptocurrency seems to be making its mark as one of the projects with great long-term potential. This was evident based on a new revelation by Lookonchain.

According to Lookonchain, 12 new wallets possibly belonging to an institution accumulated LINK. Details from the post showed that the total LINK accumulated was worth $17.5 million.

However, that was not the only thing that happened with the transaction.

A fall is not the end

The buyer also sent the tokens out of Binance. Transactions signal a sentiment of trust in the long-term performance of a cryptocurrency.

Despite the bullish sentiment around Chainlink, its value has decreased in the last 24 hours. At press time, LINK changed hands at $13.52. This price represented a 1.24% decrease within said period.

However, according to CoinMarketCap’s data obtained by AMBCrypto, the slight decrease was a signal of LINK’s strength.

This conclusion was because most altcoins, close to Chainlink’s market cap, nosedived much harder. So, it was not surprising that analyst Ali Martinez posted a bullish thesis for LINK.

Martinez considered the LINK/USD 12-hour chart. According to his findings, LINK might rebound toward $15.20 or $17.30. The analyst concluded that the Tom DeMark (TD) Sequential presented a buying opportunity.

The TD Sequential is a technical tool designed to identify a potential price reversal. In most cases, the reversal happens due to trend exhaustion.

In Chainlink’s situation, sellers had become fatigued. So, this offered buyers the opportunity to capitalize on a potential uptrend.

LINK holders may soon reap some gains

Furthermore, AMBCrypto considered it necessary to assess the growth of the Chainlink network. To do this, we looked at the number of LINK holders since the 1st of December 2023.

Santiment’s on-chain data showed that the LINK holder count, as of then, was 699,710. However, press time data showed that the number had grown to 711,000.

This increase was a testament to the initial inference that the sentiment around the cryptocurrency was bullish.

A chart showing the number of holders who own the Chainlink token against the price

Source: Santiment

Regarding the price, the Aroon indicator showed that LINK’s possible rise to $17 might take a while. As of this writing, the Aroon Up (orange) was 0%. On the other hand, the Aroon Down (blue) was 85.71%.

Read Chainlink’s [LINK] Price Prediction 2024-2025

Thus, LINK’s momentum showed bearish signals at press time. However, the RSI reading had begun to rise, sitting at 44.91 at press time. Should the indicator continue to move upward, then LINK might hit $14.

Chainlink price analysis

Source: TradingView

Furthermore, if the RSI flips the 50.00 midpoint, the price of LINK might reach $15. This could also foreshadow a higher value for the cryptocurrency.


Victor is a full-time journalist at AMBCrypto. Before his sojourn into the world of journalism, he was a “buy the top, sell the bottom” merchant while doubling as a sales funnel copywriter. Victor’s focus is the exciting on-chain landscape of the cryptocurrency market and its underlying technology. His other interests include politics, Afrobeats, sports, and marketing.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.