2025-04-19 19:00:39 by NewsBTC

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. The Chainlink price has not seen a lot of action in recent weeks, oscillating between the $12 and $13 levels since the start of April. This inactivity suggests that the altcoin is yet to recover from its uninspiring run in the first quarter of 2025. With the way the LINK price is currently set up, the altcoin does not seem likely to witness a lot of action in the short term. However, a prominent crypto analyst on X has identified important levels that could be pivotal in the future trajectory of the Chainlink price. Where Is LINK’s Next Major Resistance? Popular crypto analyst Ali Martinez took to the X platform to offer on-chain insights into the current setup of the Chainlink price. While the LINK price continues to move within the $12 – $13 consolidation range at the moment, certain on-chain levels could be critical to its long-term journey. This analysis is based on the average cost basis of several Chainlink investors. For context, cost-basis analysis evaluates the capacity of a level to serve as support or resistance, depending on the total amount of coins last acquired by investors at that price level.  Source: @ali_charts on XAs observed in the chart above, the size of the circle represents the amount of LINK tokens purchased within each price region and its corresponding strength. The bigger the dot, the higher the number of tokens, and the stronger the support or resistance; the green dots refer to support as they are beneath the current price, while the red dots refer to resistance as they are above the current price. Data from IntoTheBlock shows that the Chainlink price has key support around the $12.28 – $12.62 region, where 11,130 addresses purchased 26.55 million LINK tokens (worth $331.07 million at an average price of $12.47). This region would act as an on-chain support, as investors with their cost basis around the level would likely defend their positions by buying more tokens, thereby cushioning the LINK price. Martinez added that the altcoin faces major resistance around the $14.19 – $14.58 zone, where 20,930 investors acquired 21.19 million LINK tokens (worth $304.5 million at an average price of $14.37). Investors who bought tokens around this level are likely to sell if the Chainlink price returns around their cost basis, which would dampen the token’s bullish momentum and probably halt its upward movement. As mentioned earlier, these support and resistance levels could be pivotal to LINK’s trajectory over the next few weeks. Specifically, losing the $12.28 support could see LINK fall below $11, as there is no significant cushion beneath it. Chainlink Price At A Glance As of this writing, the price of LINK stands at around $12.58, reflecting a mere 1% jump in the past 24 hours. The price of LINK on the daily timeframe | Source: LINKUSDT chart on TradingViewFeatured image from Waratah Fencing, chart from TradingView Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it. Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world. Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.