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Chainlink Price Could Start 'New Bull Rally' - Here's The Level To Watch
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Chainlink Price Could Start ‘New Bull Rally’ – Here’s The Level To Watch

Opeyemi Sule
Opeyemi Sule
4 months ago
3 mins read
Chainlink price

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The Chainlink price was one of the several victims of the bearish pressure that swept the entire crypto market at the start of last week. The altcoin’s value fell to $17 — for the first time since late November 2024 — in almost a single move on Monday morning.

Chainlink Price Overview

The price of Bitcoin dropped to $92,000 after news of US President Donald Trump’s trade tariffs sparked fears of retaliatory actions and a potential trade war. Interestingly, Bitcoin’s price plunge was relatively less significant than that of the altcoin market, with large-cap assets like Ethereum falling by nearly 30% in one swoop.

Specifically, the Chainlink price kicked off the week with a 32% slump, succumbing to the bearish pressure triggered by the US trade tariffs. As of this writing, the LINK token has recovered above the $18 mark despite a 1.4% price decline in the past 24 hours.

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Although the LINK price looks set for a bullish recovery, there seems to be a lull in its movement over the past few days. This sluggishness may be somehow connected to a crucial resistance level, which could prove pivotal to the start of a fresh bull run.

Chainlink price
The price of LINK on the daily timeframe | Source: LINKUSDT chart on TradingView

Here’s Why $23.76 Is Crucial

Prominent crypto trader Ali Martinez took to the X platform to share a significant level that could be crucial to the long-term health of the Chainlink price. This analysis is based on the average cost basis of several LINK investors.

In cost-basis analysis, the ability of a level to act as support or resistance depends on the total amount of coins last acquired by investors in the region. In the chart below, the size of the dot represents and directly corresponds to the number of LINK tokens purchased within a price bracket.

Recent data from IntoTheBlock shows that around 96,760 investors bought approximately 110.43 million Chainlink tokens within the $20.96 – $26.25 price range — at an average price of $23.78. The high purchasing activity has led to the formation of a supply barrier within this price region.

The $23.78 region acts as a resistance zone because of the elevated number of investors with their cost basis in and around it. This level has the potential to witness significant selling pressure from investors wanting to sell their tokens after returning to a breakeven point, thereby hindering further price increases.

This implies the potential supply of LINK tokens could overwhelm the buying demand within the $20.96 – $26.25 bracket. According to Martinez, a successful breach above the $23.78 level could set the stage for a new bull rally for the Chainlink price.

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Featured image from Unsplash, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

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.

Read more

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.

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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.

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Reason to trust

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