Recent analysis by on-chain data provider Santiment revealed that Chainlink (LINK), the largest decentralized oracle network, reached its two-week high of $15.82 over the weekend. This surge was attributed to significant on-chain activity for the prominent altcoin.
Santiment reported that the supply of LINK on crypto exchanges dropped below 15%, the lowest in nearly four years. Additionally, the number of wallet addresses holding LINK reached an all-time high, indicating increased activity and shifting market dynamics for Chainlink.
Crypto analyst Ali Martinez highlighted a strong demand zone for LINK between $14.8 and $15.2, where approximately 17,650 wallet addresses have accumulated 85.12 million LINK. Martinez expects LINK to potentially rise towards the $20 mark, noting the absence of significant resistance levels in the short term.
Chainlink experienced a notable rise of 4% last month amidst ongoing market dynamics characterized by the interplay of bullish and bearish forces. Currently, LINK is trading above the $15 support level, fueling optimism among market observers for a continued price rally.
LINK’s current price position is critical, as breaking past the $17 mark could propel it towards the $20 threshold and potentially new highs. Conversely, a drop below the crucial support level of $13 could trigger a significant downtrend, especially if it touches the 100-day Simple Moving Average (SMA) at $13.19.