Chainlink surged by 9% over the past 24 hours to take it above the $7 resistance with LINK’s on-chain activity registering critical growth.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.On-chain metrics highlighted the ongoing accumulation of LINKsurged another 9% over the past 24 hours to take it above the key $7 resistance level. LINK’s on-chain activity registered significant growth with a rise in new addresses. This led to increased liquidity for the token, thus fueling the current bullish trend.
However, buyers regrouped and the second retest produced a positive outcome with bulls climbing above the $7 level. The extended bullish momentum was supported by the on-chart indicators. The Relative Strength Index continued to trend higher and stood at 67, as of press time. This highlighted the strong buying power backing the bullish rally.A continuation of the bullish momentum could see buyers register further gains at $7.5 to $8. On the flip side, a drop below the $7 price level would invalidate the bullish thesis and could see LINK fall into another sideways price movement.
showed a huge spike in the exchange outflows on 19 September and 21 September. This hinted at a significant accumulation of LINK, contributing to an increase in price. Likewise, the 90d Mean Coin Age maintained its uptrend despite a slight drop. With market participants buying up LINK, this bullish rally could be sustained for the long term.
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