Market analyst Ali Martinez argues Chainlink (LINK) is primed for more significant gains in the coming days as accumulation picks up.
Over the past day, Chainlink has emerged as a standout performer, marking impressive gains of over 12%. This significant growth comes amid the generally subdued activity in the broader crypto market.
Moreover, Chainlink’s trajectory over the past seven days remains notably robust, with gains standing at over 28% despite leading contenders experiencing negative growth.
Yet, notable market watchers like Ali Martinez believe Chainlink’s bullish trajectory still has much in store for holders.
Chainlink Poised for More 11% Gain
In a recent post on X, Martinez shed light on LINK’s potential for further price appreciation. According to the analyst, on-chain analytics point towards a significant resistance level at $20 for LINK.
#Chainlink appears primed for further gains! On-chain analytics reveal a significant resistance level at $20, where 5,330 addresses collectively hold approximately 8.59 million $LINK. pic.twitter.com/cO1or7FRCd
— Ali (@ali_charts) February 2, 2024
He cited this target while pointing out that approximately 5,330 addresses collectively hold 8.59 million LINK tokens valued at over $154 million.
As of the latest update, LINK is trading at $17.90, with market participants trading $1,550,146,674 worth of the asset in the past 24 hours. This figure marks a notable 94.10% increase in trading volume compared to the previous day.
The analyst’s $20 resistance target suggests that Chainlink could experience an 11.74% increase in the coming hours or days. However, surpassing this threshold might pose a considerable challenge for the cryptocurrency.
LINK Holders Dynamics
Furthermore, the chart accompanying Martinez’s update highlighted the current trend of Chainlink holders. The insight was sourced from the market intelligence platform IntoTheBlock.
Per the information, the addresses holding 62.9 million LINK, equivalent to $1.12 billion, are currently “In The Money.” This category, constituting a staggering 76.91% of the total LINK holdings, reflects investors holding the assets at a profit at LINK’s current price.
However, the analysis also highlighted that wallets holding 18.56 million LINK, representing 22.69% of the tokens, are “Out of The Money.”
This reflects Chainlink investors who bought the coin at a much higher market value and are, therefore, at a loss. The last category, which holds 325,830 LINK, constituting merely 0.40%, are neither in profit nor incurring losses.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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