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54,470,000 LINK Bought at $16: Major Support Zone Forms

LINK price chart

Recent knowledge exhibits that Chainlink (LINK) has established robust purchaser curiosity across the $16 stage. On October 19, greater than 54.47 million LINK had been acquired, in accordance to a price foundation heatmap shared by Ali Martinez.

At press time, LINK was buying and selling at $18, with a 24-hour decline of 5% and a weekly lack of 3%. Daily buying and selling quantity stands at $1.05 billion.

$16 Identified as Heavy Accumulation Range

The price foundation heatmap highlights a dense focus of pockets exercise at $16. This stage now marks a key reference zone on the chart. The visible exhibits a powerful horizontal cluster, which displays a high variety of tokens altering fingers in that vary.

The accumulation suggests market members see worth at this stage. A big quantity of tokens held right here might scale back promoting stress, particularly if costs return to that zone. Ali Martinez described the realm as a “robust help zone,” based mostly on the dimensions of the holdings.

A separate chart from Ali shows a long-term triangle sample with value squeezing between rising and falling trendlines. LINK is at the moment positioned across the center of the formation.

The analyst famous:

“The subsequent time Chainlink breaks $25, it may ignite a bull rally to $100.”

Fibonacci projections on the chart present potential continuation ranges at $32, $53, $74, and $99, if the value breaks out and holds above $25.

LINK price chart
Source: Ali Martinez/X

Historical Price Action and Market Response

Past market habits exhibits how LINK responded to main downturns. In March 2020, through the COVID-19 crash, LINK dropped 80% in someday. Over the following 15 months, it gained greater than 3,700%, reaching above $50. This knowledge was shared by Michaël van de Poppe, who famous how sharp declines can turn into restoration zones.

After peaking in 2021, LINK trended decrease and located a base between $5 and $8 by late 2022. Since then, the value has remained largely secure, with current strikes pushing it again close to $18.

On-Chain Activity Supports Local Strength

Recent on-chain knowledge from Santiment provides one other view. When common 30-day returns for LINK holders fall beneath -5%, value has usually recovered shortly after. The agency famous this stage was reached once more on Friday, suggesting renewed accumulation.

Earlier this month, wallets holding between 100,000 and 1,000,000 LINK added 1.38 million tokens throughout a brief pullback. The ongoing curiosity from bigger holders provides weight to the present help zone.

The put up 54,470,000 LINK Bought at $16: Major Support Zone Forms appeared first on CryptoPotato.

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