, a decentralized oracle network, appears to be establishing a solid support level, according to recent on-chain data. The data reveals that approximately 68,540 addresses have purchased around 406 million LINK tokens between the price range of $6.3 and $7. This demand wall is indicative of a strong support area that could potentially prevent LINK from experiencing any significant declines.
Since February, LINK has been on a steady upward trajectory, breaking through previous resistance levels. However, the asset encountered a reversal at $7.6, losing around 6% of its value. Despite this minor setback, Chainlink's overall performance and technical outlook remain positive.One key factor that could contribute to LINK's continued growth is the potential formation of a golden cross in the near future.
The current support level, combined with the possibility of a golden cross, presents a promising outlook for Chainlink. Investors and traders should keep a close eye on these technical indicators and on-chain data, as they may provide valuable insights into the asset's futureAt press time, Link is trading at $7.2 with a 0.4% price increase in the last 24 hours.