Chainlink Price Analysis: This week witnessed a roller coaster in inverters sentiment as early week recovery spurred by Ethereum<\/a> because development in spot ETF is now countered by Bitcoin correction. The BTC falling for four consecutive days reached $67000, limiting the recovery for several altcoins. However, the Chainlink<\/a> (LINK) coin shows notable resilience to the market correction as it jumped 4% today to form a reversal candle pattern\u2014 morning star at $16 support.<\/span><\/p>\n Also Read: What Will be My Portfolio If ChainLink(LINK) Price Hits $50?<\/a><\/p>\n <\/p>\n Chainlink\u2019s current rally began in mid-May when the price rebounded from the monthly support level of $12.8. This renewed momentum propelled the asset upwards by 34.2%, bringing its trading price to $17.23.<\/p>\n On May 16th, the rally broke through a downsloping trendline, ending a 2-month correction trend. Currently, the LINK price<\/a> is stabilizing above the $16 flipped support level, even as Bitcoin<\/a> initiates a new correction trend.<\/p>\n<\/blockquote>\n <\/p>\n The formation of a bullish reversal called pattern\u2014 Morning start at $16 highlights the buyers defending this support to aim for a higher target.<\/span><\/p>\n According to Santiment, a crypto analytics firm, the on-chain data reveals that for every 1 LINK transaction at a loss, there are 11 transactions in profit.\u00a0<\/span><\/p>\n \ud83d\udd17\ud83d\udcc8 #Chainlink<\/a> has climbed well ahead of the #crypto<\/a> pack, quickly surpassing $17.50 for the first time in 6 weeks. #Onchain<\/a> today, there are 11 transactions in profit for every 1 $LINK<\/a> transaction at a loss. This is the highest ratio since Dec. 8, 2022. https:\/\/t.co\/nILlWsXWNh<\/a> pic.twitter.com\/joMV55V5x7<\/a><\/p>\n \u2014 Santiment (@santimentfeed) May 24, 2024<\/a><\/p>\n<\/blockquote>\n <\/p>\n This 11:1 ratio is the highest profit-taking ratio since December 8, 2022, indicating a strong bullish sentiment among LINK investors. This data suggests that many participants are capitalizing on profit opportunities at higher price levels, reflecting robust market confidence.\u00a0<\/span><\/p>\n Thus a potential reversal from $16 may bolster LINK price to target $18.67, followed by $20.7.<\/span><\/p>\n <\/p>\n Related Articles<\/p>\n <!– <\/p>\n –><\/p>\n \u2713 Share:<\/p>\n <\/a><\/p>\n <!– <\/p>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\nChainlink Price Analysis: On-Chain Data Shows Highest Profit-Taking Ratio Since 2022<\/b><\/h2>\n
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