Chainlink (LINK) has seen short-term positive momentum, gaining 2.74% in the last 24 hours and 15.25% over the past week. This uptick was fueled by optimistic news, including:
- Franklin Templeton considering adding major altcoins like Chainlink to its crypto index ETF.
- The DTCC moving the Bitwise Chainlink spot ETF into the pre-launch category, boosting long-term confidence.
Price Action and Key Resistance
The selling pressure is still evident when looking at the price chart:
- The Money Flow Index (MFI) was reading 35, indicating seller dominance and persistent downward momentum, which aligns with the continuous hodler selling.
- The $16 supply zone is critical. For a sustained, strong uptrend to begin, LINK must successfully flip this $16 resistance level into support.
In summary: While recent news and spot market buying have created a spark of short-term bullishness, significant long-term investors are still selling. Chainlink’s ability to overcome the $16 resistance will determine the start of a strong sustained uptrend.
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