- An increase of 5.12% has been observed in the LINK crypto price during the weekly trading session.
- The current crypto price broke below the $16.63 key support level.
- 24-hour trading volume has reached over $304 Million with a 32.28% fall.
Chainlink (LINK) is a blockchain abstraction layer driven by community data providers, node operators, smart contract developers, researchers, etc. It enables universally connected smart contracts and focuses on decentralized participation. Chainlink allows blockchain interaction with external data feeds, events, transactions, and off-chain information through a decentralized Oracle network.
Chainlink Supply Changes, Distribution, and Valuation Apr 2024
The maximum supply of the LINK tokens is capped at 1.00 billion. 58.71% of tokens are circulating in the market, which is above 587 million. The locked maximum supply tokens make this project a true commitment toward the deflationary digital model. With the current market cap of $8.53 billion, Chainlink domination is ranking 16th.
The total diluted valuation of the cryptocurrency is estimated at around $14.52 billion. The LINK token reflects decent liquidity with a 24-hour volume-to-market cap ratio (VMR) of 3.55%. The trading volume is dominating the global cryptocurrency market by ranking under the top 30 cryptocurrencies.
Conversely, the LINK token is allocated widely in three parts: 35% of tokens are allocated to public sale, another 35% are allocated to node operators and ecosystem, and 30% are secured for the company. The whales hold 55.05% of the circulation supply, and 44.95% is left for the remaining others.
Price to Volume and Social Dominance Analysis
Chainlink social buzz covers an average of 1.4% dominance across social media platforms. Social tweets about cryptocurrency have a very minimal impact on the price and trading volume. However, the dominance above 1% plays an important role in the global crypto market. At present, the price, social dominance, and volume are slowly fading away. LINK Crypto covers 0.59% of social dominance in the current phase.
Technical Analysis of the Chainlink (LINK/USD)
The long-term outlook lies above the key exponential moving averages on the bullish side. The current price slipped below the 50-day and 200-day EMAs, indicating short-term bearish sentiments.
LINK price has given a breakdown from the $16.63 key support level. Afterward, the price fell to the $12.61 demand zone. In recent sessions, the price formed multiple bullish candles from the demand zone, reflecting buyers’ presence. If the LINK price closes above the $18.36 level, the price can attain the $22.81 mark.
The relative strength index (RSI) is showing strong bullish momentum in the current phase, indicating a potential reversal. The RSI is moving at 51.27 above the signal line.
Summary
Since March 5, 2024, the Chainlink price has been facing strong selling pressure. The six-month returns of the cryptocurrency have left only 33.39% positive profitability. At press time, the LINK crypto price is trading at the $14.60 level. The price can attain the $22.81 mark if the crypto price closes above the $18.36 level. Inversely, bearish sentiments are expected below the $11.36 support level.
Technical Levels
- Resistance Levels: $16.63 and $22.81
- Support Levels: $11.36 and $9.50
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.