- Chainlink surges past $22 and $26, targeting next resistance near $34.
- 2.07 million LINK tokens withdrawn, signaling accumulation and investor confidence.
- SEC Chairman warns on LINK, adding potential volatility amid bullish momentum.
Chainlink ($LINK) is gaining traction in the crypto market with strong upward momentum. Market analyst Crypto Tony reported that LINK has surged beyond major resistance levels at $22 and $26.
Weekly chart data shows that if momentum continues, the token will target the $34 level. Analysts highlighted that historical patterns indicate similar accumulation periods before strong breakouts.
Therefore, the latest rally is seen as a continuation of a longer bullish trend. Renewed investor confidence is reflected in the price action, as LINK maintains strong upward pressure in line with growing demand.
Exchange Outflows Signal Investor Confidence
Meanwhile, Santiment data revealed a notable supply shift in the last 48 hours. Reports show that 2.07 million LINK tokens were withdrawn from exchanges.
Analyst Ali Martinez stated that this trend is usually linked to long-term holding and reduced selling pressure. A declining exchange balance often points to growing investor confidence and accumulation.
Traders are monitoring this reduction in circulating supply closely, as it coincides with the ongoing rally. The withdrawal reinforces the perception that strong fundamentals and market behavior support LINK’s upward move.
Regulatory Warning Adds Volatility
The bullish trend was met with caution following a statement from the SEC Chairman. The announcement included Chainlink (LINK) along with ERC-3643, Stellar, and Hedera, raising concerns about possible regulatory scrutiny.
Analysts responded by noting that short-term volatility could follow as markets adjust to the warning. At the same time, several market observers emphasized that regulation could bring long-term credibility to LINK and its ecosystem.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
