Chainlink’s near-term targets depend on a few key levels.
- Two key price clusters represented long-term holders, creating both strong support and resistance zones Strategic buys during dips suggested that LINK holders are unlikely to sell
Chainlink [LINK] is hovering between two major price clusters right now, with on-chain data pointing to intense accumulation activity from long-term holders. With strategic buys reinforcing the $14.6 support and heavy concentration at $16 acting as resistance, LINK’s next move could be shaped by the strength of its most committed investors.
Chainlink Cost Basis clusters reveal strategic accumulation
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At the time of writing, Chainlink’s Cost Basis Distribution revealed two dominant clusters – At $14.6 and $16. These zones hold approximately 65 million and 20 million LINK, respectively. These zones are not random though. Instead, they reflect high-conviction investor behavior.
The $16 cluster, in particular, alludes to consistent buy activity during major market dips – From the December crash through the February correction and again, around the 11 March low.
Source: Glassnode
This steady repositioning is a sign that these investors are not short-term traders, but strategic allocators with longer time horizons.
As such, the $16-level is less likely to face heavy sell pressure unless the market sees a drastic sentiment shift. However, it still poses a near-term resistance, having rejected price attempts recently.
$14.6 cluster offers reinforced support backed by historical buys
The $14.6-level carries more weight as a key support, backed by approximately 65 million LINK and representing a wide base of long-term buyers.
These investors entered around the $17 and $28 zones in December, revisited the market at $25 in January, and notably re-accumulated during the 15 March recovery off the $12-mark.
Source: Glassnode
This pattern of engagement paints a picture of patient, price-aware holders, less likely to be shaken by volatility.
Such behavior enhances $14.6’s credibility as a strong psychological and technical floor in the current market structure.
LINK caught between MAs as momentum weakens
From a technical standpoint, LINK was trading at $13.94 – Under both the 50-day [$14.56] and 200-day [$19.25] moving averages. The 50/200-day death cross seen in early March seemed to consistently cast a bearish shadow too.
Source: TradingView
Still, the recent bounce off $12 was in line with the on-chain cluster data – A sign that bottoming efforts may be underway. If LINK reclaims $14.6 with strong volume, a retest of the $16 barrier could follow.
However, expect resistance there unless broader market momentum shifts.
Conclusion
Chainlink’s price is compressing within zones of historical buyer interest right now. While $14.6 offers credible support, $16 has emerged as the resistance battleground.
Whether LINK can break out depends on broader market liquidity and whether long-term holders continue to absorb supply without triggering profit-taking.
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