The accumulation trend of cryptocurrency Chainlink is compatible with the growth of market sentiment and the return of buying pressure from taker traders.
Resistance at $15.53 remains a key challenge despite bullish signals in both the derivatives and spot markets.
Since the beginning of June, Chainlink [LINK] on-chain data has recorded a unique divergence: the number of active wallets has decreased by 17.3%, but the total number of non-empty wallets has skyrocketed to a record 769,380.
This shows that long-term holders are accumulating strongly while short-term activity tends to decline, reflecting reduced selling pressure and a healthier token distribution structure.
In the past month alone, 7,903 new wallets joined the LINK network, representing a 1.05% increase.
This trend puts Chainlink’s 365-day MVRV in historically favorable territory. At the time of writing, LINK is trading at $13.38, up 2.62% over the past 24 hours, attracting strong attention from investors and experienced traders.
Source: X/Santiment
Can LINK Break the Downtrend After Recovering Above $13?
LINK recently bounced from the $11.68 support zone, quickly clearing the $13.30 level and testing the descending resistance line. This move is bullish, but the real test is at the strong resistance level of $15.53.
A break above this zone would open the door to a break of the current bearish structure, extending the target to $17.93. Conversely, a failure to hold above the resistance could see the price correct to the $11-12 zone.
Therefore, the bulls need to maintain momentum and trading volume to confirm a real breakout.
Currently, the price action shows caution but also hope from traders who are closely watching this level.
Source: TradingView
Cryptocurrency Chainlink Becomes the Center of Discussion
Chainlink’s social media dominance has surged to 1,202%, its highest level since April, reflecting renewed mania and growing interest from the trading community.
This surge came just as LINK recaptured a key support zone, indicating a clear possibility of a change in market direction.
At the same time, the weighted Sentiment also jumped to 4.76 – the strongest level in more than two months – proving that crowd sentiment has shifted from neutral to completely positive.
However, the excitement and rapid increase in coverage also pose a risk of correction due to FOMO. Continuous buying pressure will determine the sustainability of the trend and limit the risk of premature sell-off.
Source: Santiment
Derivatives traders gradually return to the market
After weeks of negative funding pressure, LINK's Funding Rate on Binance has now turned slightly positive at 0.01%. This is a sign that bulls are gradually regaining their dominance in the perpetual contract market.
In addition, the reduction in selling pressure from leveraged shorts allows for potential buying pressure to increase.
Although the Funding Rate remains modest, the reversal from deep negative territory indicates a change in sentiment among leveraged traders. If this trend persists, it will bode well for sustained upside momentum in the coming trading sessions.
Source: Santiment
Are spot market traders leading the trend?
The overwhelming strength of takers in the spot market confirms the real demand supporting LINK’s recent rally. The cumulative volume delta (CVD) for buy trades continues to remain positive, reflecting investors’ willingness to execute orders at the ask price.
This reinforces the view that the current price rally is not simply a leverage effect or derivative speculation, but a genuine accumulation process taking place on-chain.
Strong momentum from spot market demand could help LINK maintain momentum and challenge key resistance levels.
Source: CryptoQuant
LINK builds foundation, can it break out?
Chainlink’s recent metrics paint an overall bullish picture: increased wallet accumulation, positive market sentiment, and clear buying pressure on both on-chain and spot markets.
Although the $15.53 resistance level is a significant hurdle, sustained taker demand and improving funding rates could tip the balance in favor of the bulls.
If this trend continues, LINK could break its multi-month downtrend and head towards the $17 price zone. All eyes are now on whether the convergence of these factors is enough to fuel a decisive breakout.
Source: https://tintucbitcoin.com/chainlink-nhu-cau-tang-pha-xu-huong-giam/
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