• LINK retested its demand zone; $23.92 breakout could trigger a rally to $32.
• Network growth and exchange outflows signaled accumulation.

Chainlink [LINK] is attracting significant attention as it retests its descending trendline and demand zone, setting the stage for a potential breakout. 

At press time, LINK was trading at $19.84, marking a daily drop of 4.39%. Despite the decline, both crowd and smart money sentiment lent bullish, offering hope for a recovery. 

LINK price action: Can it overcome key levels?

The current price movement suggests that LINK is at a crossroads. After testing the demand zone around $20, the price has remained relatively stable, signaling possible accumulation.

However, the resistance level at $23.92 is a critical barrier that needs to be cleared for bullish momentum to resume. 

A successful breakout could lead to a significant upside toward $32, representing a major shift in market sentiment.

On the other hand, if the price fails to sustain within the demand zone, LINK might experience further downside, testing the patience of its holders.

Therefore, the next few trading sessions will be pivotal in shaping LINK’s trajectory.

Analyzing Chainlink address stats

Recent on-chain data revealed increasing activity in the LINK ecosystem, providing a positive outlook for its network health.

New addresses have surged by 46.39%, and active addresses have jumped by 74.07% over the past seven days. 

Additionally, zero balance addresses have seen a staggering 140.92% increase, suggesting renewed interest among previously inactive participants. This growing engagement reflected heightened trust in LINK’s utility. 

However, sustained growth in these areas will be essential for maintainin

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Author: Erastus Chami