Chainlink’s (LINK) price has largely relied on the broader market cues to indicate a recovery, and it seems to be working.
The network’s lack of participation relays optimism and confidence in a rally, which could lead to considerable profits.
Chainlink Investors Back off, but for the Good
Chainlink’s price is noting green candlestick on the daily chart, and this is being furthered by the resilience observed in investors’ actions. Signs of the same are visible in the Mean Coin Age.
Mean coin age refers to the average age of all coins in circulation for a particular cryptocurrency. It helps assess investors’ holding behavior and potential selling pressure. The uptick noted on the metric is a sign of HODLing and resilience among investors.
While the network’s lack of participation is generally a bearish sign, it is currently relaying the same optimistic sentiment.
If this is sustained, the altcoin could continue its rise, which would, in return, result in considerable profits for the investors. According to the Global In/Out of the Money (GIOM) indicator, about 182 million LINKs worth more than $2.6 billion are on the verge of profits.
This supply was bought between $13.86 and $15.57. Considering LINK price would only need to rise by another 6% to reach $15.60, it seems possible that this supply could soon become profitable.
Read More: How To Buy Chainlink (LINK) and Everything You Need To Know
As a result, the anticipation will keep investors from moving to sell, and the lack of bearish activity on the network will keep pushing the price up.
LINK Price Prediction: Growth Ahead
LINK price is currently attempting to flip the $14.45 resistance into support, trading at $14.63. A successful test of this level as support would result in a bounce towards the resistance at $15.63.
As the aforementioned supply becomes profitable, further bullishness could drive the price to breach this resistance.
Read More: Chainlink (LINK) Price Prediction 2024/2025/2030
However, a drawdown is possible if the primary attempt of flipping $14.54 into support fails. LINK price could slip to $13.76, which will invalidate the bullish thesis, sending the altcoin down to $12.93.
The post Chainlink (LINK) Price Gains Confidence from Market Trends appeared first on BeInCrypto.
