Could LINK’s price hit $15 next?

Chainlink is trading at $11,21, with a slight weekly gain of 1.17%. However, LINK price still down nearly 80% from its all-time high of $52.88 back in May 2021. So, is this recent surge something to get excited about? Let’s break it down.

Key Resistance at $12

Right now, LINK is hovering near a critical resistance point at $12. If it breaks past this level, the next target could be $15, and with sustained momentum, possibly even $20. However, this depends on broader market conditions. Investors are watching closely to see if this is the start of a longer upward trend.

Age-Consumed Metric: Why It Matters

On-chain data shows LINK’s age consumed metric – which tracks long-held tokens being moved – hit a seven-day high of 50.51 million. This is significant because long-term holders don’t often move their tokens. When they do, it usually signals a market shift. LINK’s price surged briefly to $10.63 after this, before pulling back slightly.

Profit/Loss Metrics Show Uncertainty

Chainlink’s Network Realized Profit/Loss, which tracks the average gains or losses from token movement, dipped on Wednesday. This suggests some investors are selling at a loss, a sign of market uncertainty.

Final Thoughts

While the recent price surge is encouraging, LINK’s future still hinges on whether it can break through key resistance levels.