The current price of Chainlink, trading just under $18, has the potential for a significant rally if it can overcome certain resistances. Recently, investor optimism has increased as evidenced by a surge in network activity, with active addresses increasing by 104% and reaching a two-month high. This boost in interest suggests that investors are anticipating a price increase.
About 38.55 million LINK tokens, valued at $684 million, are nearing a profit-making threshold. These tokens were purchased at prices between $17.49 and $18.73. Investors are likely to hold onto their tokens until further profits are realized. However, Chainlink faces a crucial resistance at $18.73. If the price can stay above the local support of $17.85, it might break past this resistance. Conversely, if it falls below this support level, the price could drop further to $16.95 or even to $16.00, negating the bullish outlook.
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