{"id":79415,"date":"2024-05-24T04:30:01","date_gmt":"2024-05-24T08:30:01","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=79415"},"modified":"2024-05-24T04:30:58","modified_gmt":"2024-05-24T08:30:58","slug":"chainlink-link-price-rises-7-5-breakout-to-trigger-major-rally","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/chainlink-link-price-rises-7-5-breakout-to-trigger-major-rally\/","title":{"rendered":"Chainlink (LINK) Price Rises 7.5%, Breakout To Trigger Major Rally"},"content":{"rendered":"\n

Chainlink<\/a> on-chain data shows a rise in active addresses from 2,900 on May 18 to 11,300 on May 21. LINK\u00a0price eyes\u00a0$22.<\/p>\n\n\n\n

\"Chainlink<\/figure>\n\n\n\n

In the past 24 hours, Oracle service provider Chainlink has decoupled significantly from the broader market correction, gaining over 6%. <\/p>\n\n\n\n

The Chainlink (LINK) price is approaching its critical resistance level of $17.5 as of press time, and its market capitalization has surpassed $10.1 billion. <\/p>\n\n\n\n

Additionally, the daily trading volume for LINK has increased by 80%, reaching $858 million.\u00a0<\/p>\n\n\n\n

Chainlink On-Chain Data Indicates a Bullish Signal<\/h2>\n\n\n\n

Chainlink (LINK), which has surpassed $17.50 for the first time in the past six weeks, has emerged as a market leader in cryptocurrencies, according to insights provided by on-chain data provider Santiment. <\/p>\n\n\n\n

Meanwhile, the present on-chain analysis unveils a noteworthy pattern: eleven transactions generate a profit for each Chainlink transaction that incurs a loss.\u00a0<\/p>\n\n\n\n

The unprecedented ratio has reached its utmost level since December 8, 2022, indicating a robust bullish sentiment regarding the recent price fluctuations of Chainlink.\u00a0<\/p>\n\n\n\n

\"Chainlink
Courtesy:\u00a0Santiment<\/figcaption><\/figure>\n\n\n\n

This Breakout Can Trigger Major Surge for LINK Price<\/h2>\n\n\n\n

A daily bearish order block, which has historically seen substantial market participants place sell orders at $17.58, is presenting resistance for the current price of Chainlink\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>.\u00a0<\/p>\n\n\n\n

However, at $16.48, this resistance level coincides with the weekly resistance barrier.\u00a0<\/p>\n\n\n\n

A potential consequence of purchasers' inability to propel the LINK price higher is the occurrence of a retracement. <\/p>\n\n\n\n

Analysis of the volume profile indicator suggests that a substantial number of transactions occurred near $14.62, which could serve as a support level for the expected correction. <\/p>\n\n\n\n

In addition, this level strongly correlates with the 61.8% Fibonacci retracement level, creating an appealing area for accumulation in anticipation of a possible subsequent bullish leg.<\/p>\n\n\n\n

\u00a0<\/p>\n\n\n\n

\"Chainlink<\/figure>\n\n\n\n

The Ethereum spot ETF approval <\/a>has recently sparked a surge in bullish sentiment, which has increased optimism.\u00a0<\/p>\n\n\n\n

However, if Chainlink were to locate support at $14.62, it might indicate an 18% ascent to retest the daily order block at $17.58.\u00a0<\/p>\n\n\n\n

Under the condition that Chainlink whale accumulation ceases, a breach of this level of resistance could, in a highly optimistic scenario, propel the Chainlink price to $22, representing a total gain of 50%. <\/p>\n\n\n\n

Even with robust technical analysis and on-chain data supporting Chainlink\u2019s potential, a weekly candlestick close below $13.59 would negate the bullish outlook by forming a lower low on a higher timeframe.<\/p>\n\n\n\n

A scenario in which LINK's price falls by 13% could potentially push the stock towards $11.80, a critical support level. <\/p>\n\n\n\n

Furthermore, the on-chain data demonstrates that Chainlink has also made progress. <\/p>\n\n\n\n

The quantity of operational addresses within the Chainlink network <\/a>has experienced a substantial upsurge, expanding from 2,900 on May 18 to 11,300 on May 21.\u00a0<\/p>\n\n\n\n

The substantial surge in usage suggests an expanding market need for the Chainlink platform. <\/p>\n","protected":false},"excerpt":{"rendered":"

Chainlink on-chain data shows a rise in active addresses from 2,900 on May 18 to 11,300 on May 21. LINK\u00a0price eyes\u00a0$22. In the past 24 hours, Oracle service provider Chainlink has decoupled significantly from the broader market correction, gaining over 6%.  The Chainlink (LINK) price is approaching its critical resistance level of $17.5 as of […]<\/p>\n","protected":false},"author":56,"featured_media":79420,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[19693,19694,19695,19696],"class_list":["post-79415","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-chainlink-link","tag-chainlink-price","tag-chainlink-price-surge","tag-link-price-trend"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/05\/Chainlink-LINK-Price-Rises-7.5-Breakout-To-Trigger-Major-Rally.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/79415","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=79415"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/79415\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/79420"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=79415"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=79415"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=79415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}