As per latest data, Chainlink ($LINK) is facing a strong resistance between $14.50 and $15.30 area. It is because this area is where $LINK investors have bought 153 million LINK coins earlier. As this is their buying zone that is why it is now creating a resistance. Crossing this area will bring all those investors into profit, something which market makers don’t like. As Chainlink’s current price is $14.29, the market can either breakthrough or pullback depending upon crossing this resistance.
The most critical resistance zone for #Chainlink is between $14.50 and $15.30, where 37,000 investors accumulated 153 million $LINK. Breaking above this wall could open the door for a strong move. — Ali (@ali_charts) March 23, 2025
Current Market Condition and Movement Prediction of Chainlink
This large concentration of holdings is at “Out of the Money (OTM)” which presents a major barrier to price advancement. It shows strong resistance and the investors may sell their holdings upon reaching their break-even point. The current price is $14.29 and if the resistance is crossed, then the coin can enjoy a huge move upwards. If it pushes above this level, sellers will witness a breakout. If this level can’t be broken, there will be a likely increased selling pressure and a pullback.
Moreover, there is a strong support at $12.28 – $14.04. As 75.6 million $LINK is “In the Money”, these holders are in profit and will not need to sell their holdings.
Will $LINK Rise to $24 if it Manages to Hit Bullish Momentum?
As per data, $LINK was seen trending upwards, with successively higher highs and lows. Price action on the weekly chart re-entered an ascending channel’s bottom border, suggesting a possible impending reversal. In the immediate term, $LINK might advance to $24 if positive momentum kicks up. This would line with the daily 1.618 Fibonacci retracement level. But further losses towards $10 can be on the horizon if the price drops below $13 and remains there.
To conclude, if $LINK manages to surpass $15.30, it will face less resistance and rally stronger. However, if it does not cross this level, there will be a pullback in the market towards $13-$14 support. But as per the analysis of Binance Square, Chainlink $LINK may reach to $24. Let’s see what the time unfolds.