Chainlink's LINK token peaked at $9 on July 5 before sliding to $6.30 in the following two weeks, erasing nearly 30% of its gains. Bitcoin's jump above $10,000 dragged down most DeFi tokens over that span. As of writing, LINK trades 8% higher in intraday action.
ChainLink has made gains and is leading the DeFi recovery
Chainlink's LINK token peaked at $9 on July 5 before sliding to $6.30 in the following two weeks, erasing nearly 30% of its gains. Bitcoin's jump above $10,000 dragged down most DeFi tokens over that
Key Points
- Chainlink's LINK token peaked at $9 on July 5 before sliding to $6.30 in the following two weeks, erasing nearly 30% of its gains.
- Bitcoin's jump above $10,000 dragged down most DeFi tokens over that
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The token rallied more than 90% during July before pulling back to form a bull flag on the daily chart. This flag sits within an ascending triangle, a combination traders read as bullish toward $9.00.
Bulls will encounter resistance at $7.80-$7.95, a zone where roughly 84% of token holders have profits. Sellers will defend this level against buyers driving higher.
Beneath that, traders monitor support at $7.40 and $7.00. A break below $7.00 would bring another test of the $6.30 lows set earlier in July.
Aave's LEND token also moved on news. On July 28, the protocol introduced Aavenomics, a staking mechanism for LEND holders to earn rewards. The token gained 6% in the past 24 hours and 23% since the announcement. LEND had spiked 600% between April and mid-July, tracking the broader DeFi rally.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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