Chainlink Dips 3% Amid Accumulation Signals, Rally Potential on the Horizon
23.04.2025 09:29
Chainlink (LINK) experienced a 3.9% price drop over the past 24 hours following a sharp 21.6% rally earlier in April. Despite the recent decline, on-chain metrics such as falling exchange reserves and a rise in active addresses indicate that holders are shifting LINK out of centralized exchanges into cold storage, suggesting an accumulation trend. Data from CryptoQuant and IntoTheBlock underscore a mixed picture: while whale-controlled supply and sporadic large inflows to exchanges introduce cautious sentiment, the overall trend hints at a bullish buildup. Furthermore, technical analysis points out that surpassing resistance levels in the $14-$14.5 zone, and ideally breaking the key level of $15.55, could offer a buying opportunity for swing traders. The news also briefly highlights Ethereum (ETH) with a note of 1.83 million new users in a week, implying user adoption trends that might portend a price recovery for ETH.
The report indicates a short-term price dip of 3.9% which is likely a temporary pullback in a longer accumulation phase. Falling exchange reserves and increased active addresses suggest that investors are moving towards cold storage, reducing seller pressure. This, combined with technical benchmarks at $14-$14.5 and a critical resistance at $15.55, underlines a setup for a potential rally. Historical trends of similar setups reinforce the idea that while volatility may persist in the short term due to whale activity and intermittent large inflows, the long-term outlook for LINK remains bullish.
The brief mention of Ethereum points to significant user adoption gains, with 1.83 million new users in a week. This positive influx can boost network activity and demand, potentially leading to a price recovery. Although the details are limited, the user growth acts as an early indicator of renewed bullish sentiment for ETH, suggesting short-term upward momentum if other market indicators align.
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