The Chances of LINK’s Share Price Breaking the $12 Mark and Reaching a New High
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- LINK shows promising signs of a potential breakout at press time, backed by favorable technical indicators.
- Exchange reserves are decreasing while long liquidations suggest a strong bullish sentiment.
Chainlink [LINK] has been making notable advancements recently through its technological innovations and significant enhancements in its overall market performance. With the launch of CCIP Private Transactions for banks and integration with Bitcoin, Chainlink is establishing itself as a frontrunner in cross-chain tokenized asset settlement.
The recent pilot program with ANZ and an AI-driven initiative to handle unstructured financial data has contributed to LINK’s 4.46% price increase over the past 24 hours. Priced at $11.79 during this analysis, LINK appears to be nearing a crucial resistance level.
The pressing question is: can this momentum propel the price to new heights?
Is LINK positioned for a breakout?
The chart for LINK revealed a symmetrical triangle pattern that has been tightening since mid-July. At press time, LINK was trading near the apex of this triangle, hovering around $11.77. Additionally, the Relative Strength Index (RSI) read 54.98, indicating that LINK may have a bullish advantage.
The Moving Average Convergence Divergence (MACD) also indicated a recent bullish crossover, potentially signaling upward momentum ahead. Should LINK manage to break free from the triangle formation, its next target could be reaching the psychological milestone of $13.
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Positive on-chain signals indicate growing usage.
Chainlink’s metrics illustrated an encouraging trend; active addresses rose by 1.11%, totaling 176.45k in just 24 hours—pointing towards increased popularity and engagement on the Chainlink network.
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Additionally , transactions saw an uptick of 1 .18% , further supporting growth in user activity across its decentralized services . Together , these indicators reinforce a positive narrative highlighting greater network engagement .
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Falling exchange reserves hint at supply limitations. h2 >
Remarkably , LLINK’s exchange reserves have dropped by 0 .27 % over seven days , now resting at **163** .97 million tokens . This reduction points toward investors transferring their holdings from exchanges into private wallets—a sign that selling pressure may decline —potentially lifting prices higher as demand surges .
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Source: CryptoQuant.
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## Long position liquidations drive confidence:
The uptrend might be further supported by imbalances seen between long and short position liquidations.
Data suggests that there were “$185K” worth of long positions liquidated versus “$131K” worth incurred on short positions… An indication reflecting staying trader confidence خلف 元ريقي возможном 。
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