LINK, the native token of Chainlink, is currently making waves in the cryptocurrency realm with increasing interest from whales and long-term holders, as reported by the on-chain analytics firm Coinglass.
The on-chain metrics for LINK’s spot inflow/outflow reveal that exchanges have witnessed a significant outflow of $75 million worth of LINK. Further data indicates that this notable outflow occurred over the past three trading days.
In the cryptocurrency context, “outflow” refers to the movement of assets from exchanges to wallets, indicating that long-term holders are withdrawing tokens. Additionally, this substantial accumulation suggests a potential upside rally and an ideal buying opportunity.
However, this notable interest from crypto enthusiasts arises during a period when LINK appears to be struggling and has experienced a price decline.
Currently, LINK is trading near $27.22 and has experienced a price decline of over 5.5% in the past 24 hours. During the same period, the asset’s trading volume decreased by 18%, indicating lower participation from traders and investors compared to previous days.
Despite the ongoing price decline, on December 18, 2024, a prominent crypto expert posted on X (formerly Twitter) that the TD Sequential indicator is flashing a buy signal for LINK on the four-hour timeframe, suggesting the price could soar to $30.2 in the coming days.
Currently, LINK has breached a consolidation zone near the support level of $28, shifting market sentiment towards the bearish side. Based on recent price action, if this sentiment persists, there is a strong possibility that LINK could decline by 20% to reach the next support level at $21.75.
At present, LINK appears to be extremely stretched, as it is significantly far from the 200 Exponential Moving Average (EMA) on the daily timeframe, which hints at a potential uptrend.
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