Key Highlights
Chainlink has surged above the $15 mark, driven by strong taker buy volume, increased address activity, and a 71% long bias. Can the bulls overcome the $15.5–$16 liquidation zone before momentum wanes?
Chainlink [LINK] has broken through the crucial $15 resistance level, reigniting bullish momentum and potentially paving the way for a rally towards $20.
Despite a slight 0.34% decline in the last 24 hours, LINK is currently trading at $15.32, maintaining its overall bullish structure.
The recent uptrend is supported by sustained accumulation pressure and a resurgence in on-chain activity, indicating a renewed sense of confidence among investors.
With the price still within an ascending channel, there is potential for further upside if the current momentum persists.
Are buyers in control?
The Spot and Futures Taker Cumulative Volume Delta (90-day) indicate a clear dominance of taker buy orders, suggesting strong demand overpowering supply at the execution level.
This trend across spot and derivatives markets confirms that the recent surge in LINK is supported by genuine investor interest.
Factors driving LINK’s rise
On-chain metrics for Chainlink show a significant increase in investor engagement, with active addresses rising by 53.79% in the past week and new addresses by 9.21%. Even dormant accounts have shown a surge in activity.
This uptick in participation indicates a growing confidence in the network, typically observed during accumulation phases, which could lead to sustained demand for LINK.
Derivatives market alignment
The Long/Short ratio on Binance indicates a strong long bias, with 71.03% of LINKUSDT accounts positioned long, reflecting market sentiment aligned with the uptrend in spot and futures markets.
This alignment between market sentiment and on-chain trends suggests a potential continuation of the bullish momentum for LINK.
Challenges ahead: $15.5 resistance
The Liquidation Heatmap for Chainlink shows significant liquidation clusters between $15.50 and $16.00. Overcoming this resistance level could trigger a cascade of short liquidations, fueling further upside momentum.
However, failure to breach this zone may lead to selling pressure and a temporary halt to the rally, highlighting the importance of this price region for LINK’s future movement.
What’s next for LINK?
Chainlink’s breakout above $15 suggests a more sustainable upward move, supported by strong taker buy volume, increased network activity, and a bullish derivatives market.
If buyers can maintain control and establish the $15.5–$16.0 zone as support, LINK could see a swift move towards the $20 level, backed by positive on-chain and market sentiment signals.
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