Investor Optimism Surges as $680 Million Worth of Chainlink (LINK) Tokens Near Profit

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In Brief

  • Chainlink price is noting bullishness on price indicators MACD and Parabolic SAR.
  • The network is noting a 104% surge in participation at the hands of investors.
  • This would result in over 38.55 million LINK observing profitability.

Chainlink price, currently trading under $18, has the potential to break out and note a rally, which could mean considerable profits.

However, there are some resistances in the path of this rise that might limit the altcoin’s growth.

Chainlink price, after falling for the past two weeks, is attempting to initiate a recovery again. Although it has been struggling for the past few days, by the looks of it, this is about to change.

LINK holders have shown a sudden rise in interest in the asset, which is evident from the increased participation across the network. Active addresses shot up by nearly 104% on the daily timeframe, hitting a two-month high.

Investor Optimism Surges as 0 Million Worth of Chainlink (LINK) Tokens Near Profit
Chainlink Active Deposits. Source: Santiment

This shows that investors are expecting an increase in price down the line.

This is furthered by the fact that nearly 38.55 million LINK tokens are inching closer to the point where they become profitable. This $684 million worth of supply was bought between $17.49 and $18.73. Consequently, investors would choose not to sell their holdings for now until another $684 million worth of profits are gained.

Read More: How to Buy Chainlink (LINK) With a Credit Card: A Step-By-Step Guide

Investor Optimism Surges as 0 Million Worth of Chainlink (LINK) Tokens Near Profit
Chainlink GIOM. Source: IntoTheBlock

Chainlink’s price trading at $17.80 is testing the local support of $17.85, bouncing off of which would push the altcoin above the $18.73 resistance. As the aforementioned supply becomes profitable, LINK would note further upside.

Investor Optimism Surges as 0 Million Worth of Chainlink (LINK) Tokens Near Profit
LINK/USDT 12-hour chart. Source: TradingView

Read More: How To Buy Chainlink (LINK) and Everything You Need To Know

However, losing the $17.85 support could trigger a decline to the $16.95 support floor. This support has undergone multiple tests in the past, and breaching it would invalidate the bullish thesis. Consequently, Chainlink’s price could fall to $16.00.

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This article is sourced from the internet: Investor Optimism Surges as $680 Million Worth of Chainlink (LINK) Tokens Near Profit

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