Chainlink Price Outlook as Reserve Nears 1M — Bullish Ahead?

Chainlink's price is stabilizing after a period of decline, with early signs of buyer activity re-emerging in the demand zone. The Chainlink Reserve is nearing 1 million LINK, which could absorb more supply and support a potential price recovery.

Chainlink Price Shows Resilience

Currently, Chainlink is trading within the $12.00 to $13.20 demand area, a zone that has previously sparked significant rallies. Recent price actions suggest diminishing selling pressure, as buyers actively defend this region.

The price is testing the lower boundary of a regression trend, with resistance at $14.65 proving pivotal. Breaking this could lead to a climb towards $19.05 and potentially $24.00, a previous cycle peak.

The MACD indicator is rising, with the signal line curving upwards, aligning with early recovery stages. This supports a positive long-term outlook if the demand zone is maintained.

Expanding Reserves and Reduced Supply

The Chainlink Reserve has added 89,079.05 LINK, now holding a total of 973,752.70 LINK, continuing a trend of accumulation. This reduces circulating supply, bolstering price stability and supporting a bullish trend as the reserve grows.

Spot Taker CVD Indicates Buyer Dominance

The Spot Taker CVD metric shows a clear dominance of buyers over the past 90 days, with market buys outpacing sells. This trend aligns with increased activity within the demand zone, supporting a bullish outlook as buyers maintain their advantage.

In summary, Chainlink is trading within a historically significant zone for rallies. The expanding reserve and strong buyer flow suggest potential for a bullish breakout, especially if the price surpasses $14.65, targeting $19.05 and $24.00.