Chainlink nears $8 milestone, investor interest surges By Investing.com
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In a two-week span leading up to today, Thursday, Chainlink’s price has witnessed a robust surge of over 32%, nearing the significant $8 mark after successfully surpassing the resistance level at $7.4. The Relative Strength Index (RSI), a key technical indicator, suggests a potential cooling down as it approaches an overbought zone above 70.0. This could possibly trigger a retraction to the $6.9 mark.
Investor behavior indicates a notable reduction in selling pressure, with over 9 million LINK tokens being withdrawn from exchanges. This move typically signifies investors transferring their holdings to cold wallets or purchasing more tokens as a buffer against severe market downturns.
The active addresses metric, a measure of heightened investor interest, reached a two-month high. Should the current rally maintain its momentum, Chainlink could potentially breach the $8 target and aim for the $8.3 mark. This could further invalidate the bearish thesis and pave the way for Chainlink to hit its 2023 highs of $8.5.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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In a two-week span leading up to today, Thursday, Chainlink’s price has witnessed a robust surge of over 32%, nearing the significant $8 mark after successfully surpassing the resistance level at $7.4. The Relative Strength Index (RSI), a key technical indicator, suggests a potential cooling down as it approaches an overbought zone above 70.0. This could possibly trigger a retraction to the $6.9 mark.
Investor behavior indicates a notable reduction in selling pressure, with over 9 million LINK tokens being withdrawn from exchanges. This move typically signifies investors transferring their holdings to cold wallets or purchasing more tokens as a buffer against severe market downturns.
The active addresses metric, a measure of heightened investor interest, reached a two-month high. Should the current rally maintain its momentum, Chainlink could potentially breach the $8 target and aim for the $8.3 mark. This could further invalidate the bearish thesis and pave the way for Chainlink to hit its 2023 highs of $8.5.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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