Chainlink’s recent price increase reveals significant gains for its holders, with on-chain analysis showing a breakout from a falling wedge pattern.
Points
- Chainlink’s price reached $15 for the first time in over 30 days.
- Network Realized Profit/Loss spiked to 106.55 million.
- Increased selling pressure caused the price to drop to $14.36.
- Surge in new and active addresses indicates growing adoption.
- Technical indicators suggest potential for further price increases.
Chainlink （LINK） has recently experienced a notable price increase, reaching $15 for the first time in over a month. This surge in price has provided significant insights into the behaviors of its holders. On July 21, data from Santiment revealed that the Network Realized Profit/Loss spiked to 106.55 million, indicating that many holders booked profits due to the price rise.
However, the subsequent increase in selling pressure led to a price decline, with LINK trading at $14.36 at the time of writing. Despite some holders being late to capitalize on the price jump, the Network Realized Profit/Loss metric shows that realized losses are now dominant at -13,000, suggesting reduced selling pressure and the potential for price stabilization or another uptrend.
Beincrypto
The surge in new and active addresses on the Chainlink network further supports the potential for price increases. According to IntoTheBlock, both metrics have seen significant growth in the last seven days, indicating a renewed interest and engagement among market participants.
From a technical perspective, LINK’s price increase followed a breakout from a falling wedge pattern, a bullish indicator that suggests decreased selling pressure and the possibility of a price reversal. LINK has broken the $14.15 resistance level, and with a positive Moving Average Convergence Divergence （MACD）, the momentum remains favorable. If this continues, LINK could reach $15.10 first before testing the $16.06 level.
However, LINK’s price may struggle to reach these targets if holders continue to realize losses. If selling pressure resumes, the next significant support level is $14.13.
解説
- Chainlink （LINK） recently broke out of a falling wedge pattern, signaling a potential bullish reversal in its price.
- The increase in new and active addresses on the network indicates growing adoption and user engagement.
- Technical indicators, including the MACD, support the potential for further price increases, with targets set at $15.10 and $16.06.
- Realized losses currently dominate, suggesting reduced selling pressure and the possibility of price stabilization.
- Investors should monitor key support and resistance levels to gauge LINK’s future price movements.