Chainlink's native token, LINK, has seen a 5% price increase in the last 24 hours, currently trading at $11.76. This surge is accompanied by a 2% hike in trading volume, signaling bullish momentum.
Chainlink has recorded consistent negative exchange netflows, with 667,290 LINK tokens withdrawn from exchanges recently. Negative netflows suggest holders' accumulation for long-term holding, a bullish indicator.
Additionally, large investors, known as whale addresses, have increased their LINK holdings by 11 million tokens in 30 days, an investment surpassing $130 million, further supporting bullish sentiment.
LINK is moving towards resistance at $13.73, with a Relative Strength Index (RSI) of 55 indicating strong buying interest. A successful breakout could push LINK towards $15.47.
If demand decreases and LINK fails to break resistance, it might dip to support at $11.24 or further to $9.98.
