LINK Surge and Token Movements Spark Investor Enthusiasm

Chainlink’s surge and token movements spark investor enthusiasm. Chainlink recently experienced a notable upswing, marked by a 17% surge in the LINK token’s value. This momentum coincides with a strategic withdrawal of 19 million LINK tokens from non-circulating supplies, amounting to $341 million. This deliberate reduction signals a scarcity strategy, sparking heightened investor interest.
 

Chainlink Experiences Notable Price Surge and Token Activity.https://t.co/qEOnR6t54H

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— CryptosHeadlines.com (@CryptosHeadline) February 3, 2024

The market’s total supply of 412.5 million LINK tokens, valued at $7.35 billion and distributed across 24 contracts, lays the foundation for increased scarcity dynamics. Despite encountering resistance at $20, the orchestrated token movements may bolster bullish sentiments. This strategic maneuver positions Chainlink favorably for potential market gain. Investors are closely monitoring these crypto signals for potential opportunities.

Key Chainlink Levels To Watch – February 4 

The formation of the swing high at $17.680 led to a massive decline into the $12.540 demand zone. Following the sell-side liquidity grab into the $12.540 demand zone, LINKUSD resumed its bullish trend.
 
According to the Moving Average, the market environment is bullish. However, a short retracement to the mitigation block is highly probable, as the RSI (Relative Strength Index) indicates that the market is overbought.

Chainlink Key Levels

Support Levels: $12.540, $8.260, $5.740 
Resistance Levels: $18.870, $21.260, $23.910

LINK Metrics

Total Market Capitalization: $1.64T
Chainlink Market Capitalization: $10.7B
Chainlink Volume: $590M
Market Rank: #11

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