Summary
TLDR: Chainlink (LINK) has experienced modest growth, with a 1% increase, diverging from the broader market’s trend. A significant drop in Dormant Circulation Supply and a record low in Weighted Sentiment indicate bearish market sentiment. The sudden reduction in Dormant Supply may lead to increased selling pressure. A resistance zone between $19.75 to $26.75 poses a challenge for LINK to break through. To reach $22, LINK needs to maintain support levels and build momentum. Positive sentiment or a Chainlink ETF approval could help LINK break through resistance.
Key Points
1. Chainlink (LINK) experienced modest growth of merely 1% over the previous month, diverging from the broader market trend of unprecedented peaks.
2. A significant reduction in Dormant Circulation Supply and an all-time low in Weighted Sentiment shed light on prevailing market sentiment and potential future directions for Chainlink.
3. The sudden drop in Dormant Circulation Supply on March 6 may lead to increased selling pressure in the market, while the low Weighted Sentiment indicates a bearish overtone in market conversations that could impact Chainlink’s price.