Chainlink (LINK) investors may be eyeing dip buying ahead of the upcoming Spring 2023 hackathon. On-chain data shows that long-term holders have stopped selling LINK tokens before the event, with the Mean Coin Age rising nearly 16% to 417,46 in the last two months. Exchange-Market Depth chart also shows that demand for the LINK token nears double the amount of tokens put up for sale. This suggests that there is a potential for the LINK token price to increase following the hackathon. Should LINK break the key resistance level of $6.95, it could rally to the 2021 high of $8.63. However, if the $6.95 support fails to hold, a further price drop to $6.11 can be expected, where investors have purchased 553 million tokens.
Lucas Martin
- 2023-04-25
Potential Increase in Chainlink (LINK) Price Ahead of Upcoming Hackathon
On-chain data shows that long-term holders of LINK tokens are holding onto the digital asset, with exchange-market depth charts showing double the amount of tokens up for sale. This suggests that LINK's price is ready to increase following the upcoming hackathon, potentially reaching as high as $8.63.
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