Chainlink (LINK) is approaching the critical $9 resistance level with renewed bullish momentum as network participation grows to a record 3.96 million holders. The token is trading at $8.85 with a market capitalization of $6.62 billion, up 1.92% in the last 24 hours. A decisive breakout above $9.90 could invalidate the bearish wave scenario, according to technical analysis. Despite being 83.4% below its all-time high, the growing holder count signals sustained long-term interest in the network.
Chainlink (LINK) is approaching the critical $9 resistance level as renewed bullish momentum and growing network participation attract investor attention. The token is trading at $8.85 with a 24-hour trading volume of $241.3 million and a market capitalization of $6.62 billion, according to data from CoinMarketCap.
Analyst Ali Charts reported that the Chainlink holder count has reached a record 3.96 million worldwide. Despite LINK remaining approximately 83.4% below its May 2021 all-time high of $53, the growing number of holders highlights continued network participation and suggests long-term interest has remained resilient.
The price structure and network growth point to a potential bullish reversal. Positive momentum and buying pressure will support an upward trend if LINK succeeds in breaking through its resistance level.
Data from More Crypto Online highlighted that LINK is close to an important technical level where price movement above $9 will be closely watched. The analyst identified $9.90 as the price that would disprove the bearish pattern, potentially leading to a shift in sentiment toward the bulls.
Investors should pay attention to price behavior at $9 and any subsequent rejection. Despite the bullish signals and network growth, LINK’s price movement is also influenced by the broader crypto market trend, as Bitcoin has started moving in a sideways direction.
