Chainlink's Breakout Faces Crucial Test as Resistance Looms
Chainlink's (LINK) price has broken above its late-July range, but this breakout comes with a significant test as the cryptocurrency faces resistance at $8.83-$8.94.
The move, which saw LINK jump 6.2% on August 11, pushed the price above the 0.382 Fibonacci retracement level and the 100-day simple moving average (SMA). However, this breakout immediately runs into heavier long-term resistance.
According to Santiment, whale transactions in LINK reached a five-month high, with 246 transactions worth at least $100,000 over a 24-hour period. This increased activity from large holders adds weight to the move and suggests that they are adding exposure rather than simply moving tokens around.
The next resistance level for LINK is $8.94, which also overlaps with the area where the broader decline began in June. A confirmed move above this level would bring the 0.618 Fibonacci retracement at $9.39 into focus as the next visible resistance.