$LINK s CBD Data Reveals Key Investor Clusters At $14.6 And $16 – What Could This Mean?

In a recent post on X, Glassnode shared valuable on-chain insights on the LINK market using Cost Basis Distribution (CBD) – a metric that reveals at what prices investors acquired their assets, thus helping to determine potential resistance or support zones.

According to Glassnode, LINK’s data has identified two price levels with high accumulation activity i.e. $16 and $14.6, noting that both price zones feature long-term investors who have remained active since August-October 2024. In analyzing transactions at the $16 price level, Glassnode discovered that investors at this level have shown strategic repositioning by actively accumulating during downtrends.

@glassnode on XThis positive development has been observed during a price drop from $29 to $19 in December, a correction to around $18 in February, and most recently as prices reached a new low of $12.70 on March 11. Glassnode explains that these recurring transactions indicate the presence of high-conviction holders at $16.0 with strong long-term confidence in LINK and are thus less likely to sell their holdings.#LINKS #MarketPullback