Cryptoupdates

07/12 07:13

Chainlink rebounds – Could $18 be LINK’s next stop

Chainlink rebounds – Could $18 be LINK’s next stop? Assessing…

Buy-side strength grows for Chainlink, but mixed on-chain signals challenge a sustained rally toward $18.

 

Key Takeaways

LINK rebounded from support amid rising derivatives volume, strong long interest, and whale activity. While bullish signals grow, uneven on-chain data may limit momentum toward $18 resistance.

Chainlink [LINK] has rebounded from the lower boundary of its parallel channel as taker demand and long positions surge across derivatives markets, suggesting renewed investor confidence. 

At press time, the price traded around $13.50, just above the $12.50 support level, which has historically triggered upward momentum. This rebound aligns with a long-term ascending structure dating back to mid-2023. 

If momentum holds and buying interest persists, a retest of the $18 mid-channel resistance appears plausible in the near term.

Will spot market strength drive LINK beyond resistance?

The Spot Taker CVD over the past 90 days continues to show a dominant buy-side presence. This trend implies that aggressive buyers are stepping in during consolidation phases. 

As long as LINK sustains above $12.50 with rising taker demand, short-term sentiment may remain in the bulls’ favor. 

The current accumulation suggests strong hands are preparing for an upward breakout, making spot behavior a critical indicator to monitor for the next move.

Is Chainlink’s network activity hinting at a stronger base?

On-chain Address Activity presents a mixed but slightly optimistic picture. Active Addresses increased by 6.42%, reflecting growing network engagement, while new addresses declined by 2%. 

Zero-Balance Addresses surged 11.68%, which could indicate renewed wallet movement or repositioning of funds. 

Despite the modest growth, the consistency in active participation supports the narrative of a maturing and sustained user base rather than short-lived speculative activity.

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