Chainlink (LINK) is showing signs of a potential breakout as it retests its descending trendline and demand zone. Despite a recent 4.39% drop, bullish sentiment from both crowds and smart money suggests hope for recovery. A successful breakout above the $23.92 resistance level could propel LINK towards $32, but failure to hold above the demand zone around $20 might lead to further price decline. Recent on-chain data reveals positive trends, including surging new and active addresses, suggesting renewed interest in the LINK ecosystem.
is attracting significant attention as it retests its descending trendline and demand zone, setting the stage for a potential breakout.
However, the resistance level at $23.92 is a critical barrier that needs to be cleared for bullish momentum to resume. On the other hand, if the price fails to sustain within the demand zone, LINK might experience further downside, testing the patience of its holders. New addresses have surged by 46.39%, and active addresses have jumped by 74.07% over the past seven days.
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