Chainlink (LINK) has demonstrated resilience amid ongoing market volatility, with its price showing key support and resistance levels at $14.8 and $16, respectively. Currently trading at $15.41, LINK has seen a slight increase of 0.17% in the past 24 hours. Despite a broader bearish trend across the cryptocurrency ecosystem, Chainlink’s price remains relatively stable.
Analytics platform Glassnode’s Cost Basis Distribution (CBD) metric has provided key insights into LINK’s price movement. The metric identifies cost basis clusters and assesses market resilience. Glassnode’s analysis reveals that certain investors holding significant amounts of LINK at various price levels have not sold their tokens, indicating that the price could be stabilizing. A notable cluster at $14.8 consists of 53 million tokens, while the $16 range has 16 million tokens.
According to Glassnode, the absence of redistribution within these clusters, despite recent price declines, suggests that holders are not abandoning their positions. This signals potential support at the $14.8 level, while resistance remains around $16. The fact that LINK’s price has traded within a narrow range—between $14.72 and $15.69—also aligns with these projections.
Chainlink’s role in the decentralized finance (DeFi) ecosystem has contributed to its resilience. The protocol has been developing solutions like its Interoperability protocol (CCIP), aimed at enhancing connections within DeFi. This innovation has helped sustain the relevance of LINK in the altcoin market, with analysts projecting potential for significant growth, driven by the expanding ecosystem.
Although the broader market remains volatile, with a recent $430 million liquidation affecting many cryptocurrencies, Chainlink’s position suggests that its price may have bottomed out. If this trend continues, LINK could be poised for a steady recovery, particularly as the DeFi sector grows.
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