Key Insights:
- LINK bounces from the lower triangle boundary as bulls gain momentum, signaling potential short-term price growth.
- Chainlink Reserve accumulates 82,057.64 LINK, raising total holdings to 1,586,266.80 LINK for long-term network support.
- Bitwise and Grayscale Chainlink ETFs see strong inflows, totaling $3.38 million, showing continued investor interest in LINK.
Chainlink’s (LINK) price is showing signs of potential growth as it holds support at the lower boundary of a symmetrical triangle pattern. This price action has caught the attention of traders, with many speculating that a breakout may occur soon. The market sentiment is shifting towards the upside, as bulls seem to be defending this critical zone aggressively.
Chainlink Holds Key Support Zone
The price of Chainlink has been trading within a symmetrical triangle formation on the 2-week chart. This type of pattern often indicates a period of consolidation before a breakout occurs. LINK is attempting to bounce from the lower boundary of this triangle, which has served as a support level for the price.
Traders are closely watching this zone, as a break of the triangle around $22 could determine the next major price movement. “Bulls are defending this zone aggressively,” said Butterfly, noting that the momentum is beginning to shift upward. If this bounce is confirmed, it could signal a strong bullish trend, leading to higher price levels.
Symmetrical Triangle Formation | Source: XThis uptick in investment suggests continued interest in Chainlink as a valuable asset. As of press time, the live price of LINK stands at $13.73, with a trading volume of $468.15M. Despite a slight 1.87% decline in the last 24 hours, the overall trend is positive, and market participants remain optimistic about the future of Chainlink.
Growing Interest in Chainlink ETF and Reserve Growth
In addition to price movements, the Chainlink Reserve has shown considerable growth, which could be seen as a sign of increasing confidence in the network’s long-term potential. The Chainlink Reserve recently accumulated 82,057.64 LINK, bringing the total reserve to 1,586,266.80 LINK.
The reserve aims to support the Chainlink Network’s sustainability and growth by accumulating LINK through both off-chain and on-chain revenue. This accumulation is largely driven by large enterprises adopting Chainlink’s services.
Chainlink’s official Twitter account mentioned, “The Chainlink Reserve is designed to support the long-term growth and sustainability of the Chainlink Network.”
In addition, Chainlink’s growing popularity is reflected in the increasing inflows to its exchange-traded funds (ETFs). On January 14, the Bitwise and Grayscale Chainlink ETFs witnessed a substantial $2.9 million in inflows. Just a day later, on January 15, the ETFs saw another $482.84K in inflows.
Investors are using these ETFs to gain exposure to LINK without holding the token directly. The positive inflows suggest that demand for Chainlink remains active in the investment community.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/chainlink-holds-triangle-support/
