By Nermeen Nabil Khear 
TLDR
- Chainlink (LINK) faces major resistance at $20-22 price range with 57.2 million LINK held by 100,220 addresses
- Current price stands at $18.4 after a 10% 24-hour gain
- Analyst Ali Martinez suggests potential for new all-time high if $22 resistance breaks
- Strong support zones exist between $11-15
- Price movement influenced by large number of holders who bought in $18.4-26.3 range
Chainlink’s native token LINK has reached $18.4, marking a 10% increase in the past 24 hours, as it approaches a crucial resistance level that could determine its future price movement. Recent analysis reveals that nearly 100,000 addresses holding LINK tokens could influence the cryptocurrency’s next major price move.
Data from market intelligence platform IntoTheBlock shows a dense concentration of LINK holders who purchased their tokens between $18.4 and $26.3. This price range represents a notable barrier, with approximately 100,220 addresses holding 57.2 million LINK tokens within this zone.
The $22 price point has emerged as a particularly important level for Chainlink’s price action. This area represents what analysts call a “demand zone,” where a large number of investors have established their positions. The concentration of holders at this price point makes it a potentially challenging barrier for LINK to overcome.
Market analyst Ali Martinez, sharing insights on social media platform X, has highlighted the importance of this resistance level. According to Martinez’s analysis, if LINK successfully breaks through this barrier, it could open up a path to new all-time highs due to reduced resistance levels above this price point.
The next critical hurdle for #Chainlink $LINK is $22. Clearing it could set the stage for a potential all-time high—just a question of timing! pic.twitter.com/9cS8XJsF1q
— Ali (@ali_charts) November 25, 2024
The current price movement is being closely watched by market participants due to the psychological importance of cost basis levels. When cryptocurrencies approach prices where large numbers of investors initially bought in, it often leads to increased trading activity as holders reassess their positions.
Understanding the significance of these price levels requires looking at investor psychology. Holders who bought LINK at higher prices might see a return to their purchase price as an opportunity to exit their positions without losses. This behavior can create selling pressure when prices approach these levels.
Conversely, investors who are currently profitable might view these levels as potential areas to add to their positions, believing in the historical strength of these price points. This dynamic between buyers and sellers at key price levels often leads to increased market volatility.
The analysis also reveals important support levels below the current price. Two notable zones exist between $11-13 and $13-15, where substantial buying activity has occurred in the past. These levels could provide support if LINK experiences a price correction.
Technical analysis of LINK’s price chart shows an upward trend over recent days, culminating in the current price of $18.4. This movement represents a strong push toward the identified resistance zone around $22.
The volume of LINK tokens held at various price points provides valuable insight into potential market behavior. The concentration of holdings between $18.4 and $26.3 suggests this range could be a decisive battleground for LINK’s price action.
On-chain data indicates that the resistance zone contains one of the largest concentrations of LINK holders by acquisition price. This concentration makes the zone particularly important for future price movement.
The current market structure shows limited resistance above the $22 level, according to Martinez’s analysis. This observation suggests that if LINK can break through the current resistance zone, it might face fewer obstacles in potential upward movement.
Trading activity around these price levels will likely be closely monitored by market participants. The behavior of holders who bought in the $18.4-26.3 range could strongly influence LINK’s ability to break through this resistance zone.
Recent price action shows LINK maintaining momentum as it approaches these key levels. The 10% increase over 24 hours indicates growing buying pressure in the market.
The post LINK Price Reaches $18.4 as Major Resistance Zone Approaches appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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