Reason to trust
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Market prices of Chainlink (LINK) suffered another major decline in the past 24 hours as the general crypto market continued to react negatively to US new international tariffs. Over the last two months, LINK has exhibited a prolonged downtrend losing over 40% of its market value. Amidst this bearish market, popular analytics company Glassnode has highlighted two price cluster levels that have shaped investors’ behavior in this period.
Chainlink’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.
Source: @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.
Conversely, LINK holders at $14.6 have shown a less active but more timely accumulation by investors at this price level. Glassnode shows that these investors increased their holdings during key phases such as when LINK traded at $17 and $28 in December, at $25 in January, and on March 15 following a major price gain from $12. These observations also suggest current LINK holders are not fast money allocators but patient and confident of a future price accumulation.
What Next For Chainlink?
At press time, LINK trades at $14.0 just below the key cluster level at $14.6. The proximity to this accumulation zone indicates the market is at a critical juncture. However, Glassnode data suggests that holders at the $14.6 are not fast money traders and are likely to reinforce their position through another accumulation.
If this positive scenario occurs, LINK could reclaim $14.6 and $16 which could serve as important support structures in a potential market rebound.
Featured image from Token Metrics, chart from Tradingview
Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.
Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.
In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.
In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.
Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.
Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.
Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.
Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.
Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.
He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.
In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.
His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.
Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
