What to know:
- Chainlink price gains momentum as LINK approaches the critical $9 resistance level.
- Chainlink holder growth reaches 3.96 million, signaling sustained network participation.
- A decisive LINK breakout above $9.90 could invalidate the bearish wave scenario.
Chainlink (LINK) is showing renewed bullish momentum as growing network participation and stronger price action attract investor attention. However, traders remain cautious around key resistance, with a decisive breakout potentially confirming a broader recovery while rejection could lead to another corrective move.
At the time of writing, LINK is trading at $8.85 with a 24-hour trading volume of $241.3 million and a market capitalization of $6.62 billion. Following the 1.92% gain over the last 24 hours, the Chainlink price structure and network growth point to a bullish reversal ahead.
Source: CoinMarketCap
LINK Holder Growth Signals Potential Recovery
According to the crypto analyst Ali Charts, Chainlink (LINK) is drawing renewed market attention after its holder count reached a record 3.96 million worldwide.
Despite remaining around 83.4% below its May 2021 all-time high of $53, the growing number of holders highlights continued network participation and suggests long-term interest in LINK has remained resilient throughout its prolonged price decline.
Source: Ali Charts’ X Post
On the other hand, LINK is showing some positive signals that might mean LINK could soon begin its upward trend.
Positive momentum and buying pressure will help in an upward trend if LINK succeeds in breaking through its resistance level. Otherwise, it will be important for LINK to find a solid support level to continue its upward trend.
Chainlink (LINK) Approaches $9 With $9.90 Breakout
The data from More Crypto Online further highlighted that Chainlink (LINK) is close to an important technical level, where the price movement above $9 will be seen as a breakout or not.
Although there are numerous traders who might see such movement as an important bullish sign, one trader sees such price movement as the top of the B-wave and expects a decline after that.
Source: More Crypto Online’s X Post
In this respect, the analyst determines that $9.90 is the price that will disprove the bearish pattern. This could lead to the emergence of more evidence of a LINK recovery and a change of sentiment in favor of the bulls.
However, prior to that moment, investors should pay attention to the price behavior at $9 and its subsequent rejection.
Despite the bullish price predictions and network growth, the LINK price is moving in a downward direction. This move is also backed by the general trend in the crypto market as the Bitcoin price has started to move in a sideways direction
What Happens Next for Chainlink?
How things will develop in the case of Chainlink will depend on whether LINK manages to penetrate the critical level of resistance.
In the former scenario, bullish sentiment could be strengthened; in the latter one, a retreat is likely. The traders will be very attentive to price behavior.
Also Read: Chainlink-Powered Project Pangea Seeks Faster Global Foreign Exchange Settlement
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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