- LINK has maintained resilience with robust dip-buying demand.
- Does this guarantee a breakout?
Chainlink [LINK] is showing weak signs of recovery after dropping to $17.30, with buying momentum yet to gain traction. Elevated market-wide FUD continues to weigh on sentiment, keeping a decisive rebound out of reach.
However, unlike other high-caps, LINK has resisted a deeper correction, with strong “dip-buying” pressure evident on its 1D chart.
Source: TradingView (LINK/USDT)
As LINK’s exchange supply continues to decline, hitting a monthly low, this reinforces the hypothesis that its current consolidation is a precursor to a potential price surge.
Meanwhile, net exchange flows indicated rising retail accumulation, with 2.2 million LINK withdrawn at $17.80, driving a 1.45% price rebound.
If this trend sustains, the $17–$18 range could establish itself as a firm support zone, with renewed FOMO accelerating momentum to flip the LINK/BTC pair bullish.
Is LINK on the path to recovery?
With bullish technicals, strong historical recoveries, retail outflows, and rising FOMO, a rebound to $19 resistance appears plausible. However, the real test lies in sustaining this level.
Over the past 24 hours, long liquidations have outpaced shorts by 8x, as futures traders close positions, adding supply pressure.
Yet, a 1.65% dip in Open Interest (OI) could signal reduced speculation – potentially setting the stage for a more stable uptrend.
Source: Coinglass
The coming days will be pivotal for LINK. If speculation overrides fundamentals, a pullback to $15 could materialize.
However, if key metrics remain stable and the current price establishes support, a breakout beyond $21 could be within reach. Watch closely.
Credit: Source link