Will Chainlink reach $7 ahead of Fed decision?
Chainlink continues to drive experiments on unlocking asset tokenization. But can the traction drive its LINK token to $7? ...
- Sell pressure surged after a recent token unlock for Chainlink (LINK).
- The token unlock was worth over $100 million and caused short-term sell pressure.
- The $6.450 price level has been a crucial hurdle for LINK in the past few days.
- LINK's price action will depend on the outcome of the FOMC meeting and Bitcoin's performance.
- If BTC rallies and the FOMC announcement is dovish, LINK could attempt to clear the $6.450 hurdle.
- The RSI indicates buying pressure eased slightly, but the CMF shows substantial capital inflows to LINK markets.
- There was a massive accumulation of LINK tokens since late August, but a sharp drop-off in token movement was observed.
- The spike in Supply on Exchanges indicates increased sell pressure that could delay a move to $7.
- Network Growth has declined, which could complicate bullish prospects.
The sentiment of the article is mostly neutral, with some cautionary tones regarding sell pressure and the potential impact of the FOMC meeting.