Chainlink (LINK) is showing signs of entering the top 10 cryptocurrencies with recent market movements. Looking at LINK’s performance, it is possible for it to enter the top 10 list in the near future.
Increasing in popularity among whales, LINK is attracting attention as its price rises. Crypto analyst Ali emphasized that Chainlink has been one of the most notable altcoins in transactions throughout 2023. A shared post by Santiment stated that a significant altcoin held by many investors has shown changes in wallets and that this usually follows “important price movements”.
LINK experienced a slight decrease in price in the last 24 hours. At the time of writing, it was ranked as the 12th largest cryptocurrency with a market value of over 8 billion dollars, reaching a transaction of $14.52. However, LINK needs to trade above a significant resistance level in order to start a new bull rally.
According to data provided by Hyblock Capital, the liquidation of the token increases significantly when the price reaches the $15.4 level. Therefore, whales who want to increase the market value of the token need to push the price above this level. On the other hand, many institutions and organizations have reiterated their positive expectations for the upward trend, indicating a high chance of a rise.
According to CryptoQuant, LINK’s exchange reserve appears to be low, which could mean that investors are buying the token at the time of writing. Other metrics also support high buying pressure for the altcoin. CryptoQuant noted a recent decrease in LINK’s supply on exchanges and an increase in off-exchange supply.
Looking at Coinglass data, it can be said that Chainlink’s Open Interest level has decreased and the price has moved sideways. Based on this information, a trend reversal is possible. Finally, market observers pointed out that the supply held by the largest wallet addresses remained stable during the writing period.