Chainlink has registered some drawdown and has recently retested the $14 level. Here’s what might happen if support holds at this mark. On-Chain Data Suggests Resistance Is Thin At Higher Chainlink Levels As pointed out by analyst Ali in a new post on X, Chainlink is currently in a critical on-chain demand zone. In on-chain analysis, a price range is defined as major support or resistance based on the number of investors or addresses that bought their coins inside the said range. To any holder, their cost basis is naturally fundamental, as their profit/loss situation can flip whenever the cryptocurrency retests it. For this reason, an investor becomes more likely to show a move whenever such a retest takes place. Related Reading: Has Bitcoin Reached “Euphoria” Yet? What On-Chain Data Says If the holder had earlier been holding a loss, but the price has now risen and reached its equilibrium point, they might lean towards selling. This is because they might fear their holdings would go into loss again shortly, so exiting at break-even wouldn ..
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