Chainlink’s (LINK) price faces challenges in breaking above the crucial psychological resistance of $15.
The overall optimism surrounding the altcoin is still high among LINK holders, which is surprising considering the present market conditions.
Chainlink’s Big News Had Minimum Impact
Chainlink’s price remained largely unaffected by the integration of Chainlink’s Proof of Reserve (PoR) with 21Shares’ Ethereum ETFs. The action taken to create more transparency was met with positive feedback.
The weighted sentiment substantiates this feedback. This metric combines and analyses all the mentions and expressions pertaining to a topic. The data helps to provide a more nuanced view of public opinion or investor sentiment. Upticks suggest bullishness, while downticks hint at bearishness.
Read More: How To Buy Chainlink (LINK) and Everything You Need To Know
Thus, the optimism at the moment is high, but the investors’ actions are not in line.
LINK holders’ participation has declined and is continuing to decline. The daily average number of investors conducting a transaction on the network is currently hovering around 2,000.
This is a considerable decline from the average of 3,840 noted at the beginning of the month. In other words, LINK holders are not seeing much incentive to participate owing to the recent lack of profits.
LINK Price Prediction: Slow Growth Ahead
Chainlink’s price trading at $13.60 is currently under the resistance of $13.77. Breaching this line will enable further recovery, but LINK could short-stop breaching the barrier of $15. This would continue the ongoing consolidation under this resistance.
The altcoin has also remained above the critical support of $12.94, and falling below this line is unlikely. If LINK were to lose this support, a drawdown to $11.99 would be possible.
Read More: Chainlink (LINK) Price Prediction 2024/2025/2030
At the same time, reclaiming $14.45 as support could prove to be beneficial to the altcoin. If the investors’ optimism matches their actions, a breach above $15 is possible and this could invalidate the bearish-neutral thesis.
Disclaimer
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