Chainlink (LINK) Upsurge Remains Driven by the Cold Wallet Movement

Chainlink (LINK) upsurge remains driven by growing confidence and cold wallet movement. This month, Chainlink (LINK) has displayed remarkable performance, surging by 25% in just two weeks. This increase coincides with a trend of LINK tokens consistently moving from exchanges to secure offline storage, reducing selling pressure. Notably, Altcoin Sherpa, a crypto analyst, holds a bullish long-term outlook for LINK, spanning six months.
The supply decrease of LINK tokens eases selling pressure and supports a bullish sentiment. Tokens shift to cold wallets, effectively taking LINK out of circulation unless returned to exchanges for trading or profit. This movement toward cold wallets is enhancing positive sentiments. Altcoin Sherpa’s endorsement encourages investors to consider LINK for the long haul, citing its strong price potential compared to other altcoins.

Chainlink Key Levels To Watch: September 25

The market experienced an upsurge in June 2023 after the market structure shifted to the upside. The market structure shift occurred as the $5.520 high was invalidated. The emerging uptrend eventually led to the invalidation of the diagonal resistance as June ended.

The uptrend continued algorithmically in fractals until meeting a resistance at $8.440. Following a significant correction to the downside, the bullish trend resumed as a bullish divergence occurred from the discount zone. The uptrend is likely to continue as more bulls keep storming the market.

Chainlink Significant Levels

Resistance Levels: $7.910, $8.440, and $8.800
Support Levels: $5.740, $5.000, $4.300

Total Market Capitalization: $1.05T
Chainlink Market Capitalization: $4.16B
Chainlink Volume: $0.26B
Market Rank: #19

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