Chainlink Consolidation at Key Levels Signals Potential Rally

Chainlink (LINK) is currently trading between two significant price clusters that have reinforced both support and resistance. On-chain data from Glassnode shows a major accumulation zone at $14.6—backed by roughly 65 million LINK held by long-term investors—and a resistance barrier around $16 supported by about 20 million LINK. These clusters reflect repeated strategic buying during market dips occurring between December and March, indicating that long-term holders are unlikely to offload their positions amid volatility. Despite technical concerns, including trading below key moving averages and the lingering effect of a 50/200-day death cross seen earlier in March, the recent bounce from $12 suggests bottoming efforts may be underway. The next significant move for LINK will depend on whether it can retest and reclaim the $14.6 support level with strong volume, which might then pave the way for a test of the $16 resistance, provided broader market liquidity and sentiment improve.