ChainLink drew market attention by going to the list of the best winners after having increased by 13.83% in the last 24 hours. This, while maintaining a gain of 32.25% in last week. The Link rally was powered by both solid technical signals and chain catalysts. At the heart of this bullish momentum is the launch of the new ChainLink reserve mechanism. It was alongside important whale and institutional entrances which could redefine its mid-term trajectory.
Why is Link’s price increasing today?
The ChainLink reserve, launched on August 7, has already locked more than a million dollars in protocol income in Link. This mechanism creates a deflationary loop that maintains the potential to maintain prices over time.
On the other hand, whale portfolios holding ties from 100k to 1 m extended their balance of 4.2% in early August, adding 4.55 million links worth around 97 million dollars. At the same time, the open interests of derivatives increased by 27% and the volume of negotiation increased by 271% to 2.7 billion dollars, signaling a strong positioning without risks of excessive leverage.
Channel price analysis:
ChainLink Price is now $ 21.41, with a market capitalization of $ 14.52 billion and $ 1.33 billion in daily negotiation volume. Link’s escape over the $ 21 psychological barrier marks a confirmed change in the market structure. After reaching a daily top of $ 21.24 and a minimum of $ 18.78, the asset is now above several solid support levels.
Links Price action has decisively criticized the 200 -day EMA at $ 17.02 and has broken down the long -standing resistance at $ 18.40. The RSI at 65.56 shows a healthy momentum without slipping into an exaggerated territory, while MacD confirms a bullish crossing.
That said, the upcoming upwards are $ 21.89 and $ 23.99, which is the June summit. A sustained thrust could open the door to the resistance area of $ 26.20. On the contrary, the link price could drop with $ 19.51 stockings, followed by $ 17.64. That said, a deeper correction could bring the price to $ 15.83.
Faq
The launch of the ChainLink reserve, which locks up the income from the protocol in the link, combined with the purchase of whales and a major technical break above the key resistance, has fueled prices overvoltage.
While the supports are $ 19.51, $ 17.64, $ 15.83, resistors are $ 21.89, $ 23.99 and $ 26.20
The price of 1 liaison token at the time of the press is $ 21.41.
