On January 22, 2025, Chainlink (LINK) experienced a notable market event where 80% of LINK holders found themselves in profit, mirroring the profitability levels seen at the highs in December 2024 (IntoTheBlock, 2025). This percentage of profitable holders was last observed when LINK's price reached $26.50 on December 15, 2024 (CoinGecko, 2024). Simultaneously, on-chain data revealed significant resistance levels at $27 and $29, which align with the price points where LINK encountered resistance on November 10, 2024, and December 2, 2024, respectively (IntoTheBlock, 2025). At the time of the announcement, LINK was trading at $26.75 with a 24-hour trading volume of $1.2 billion (CoinMarketCap, 2025). The LINK/BTC trading pair was at 0.00085 BTC, and the LINK/ETH pair was at 0.014 ETH, both showing a slight increase in the past 24 hours (Binance, 2025). On-chain metrics also indicated that the number of active addresses had risen by 15% in the last week, reaching 3,200 addresses on January 21, 2025 (Glassnode, 2025). This surge in active addresses suggests increased network activity and potential buying pressure.

The high percentage of profitable LINK holders and the resistance levels at $27 and $29 have significant trading implications. As of January 22, 2025, the price of LINK had increased by 3.5% over the past 24 hours, from $25.85 to $26.75 (CoinGecko, 2025). This price movement indicates a bullish sentiment among traders. The LINK/BTC trading pair saw a volume of 1,500 BTC traded in the last 24 hours, up from 1,300 BTC the previous day (Binance, 2025). Similarly, the LINK/ETH trading pair recorded a volume of 22,000 ETH, a 10% increase from the previous day's volume of 20,000 ETH (Binance, 2025). The rise in trading volumes across these pairs suggests increased market interest and liquidity. On-chain metrics further revealed that the average transaction value had increased by 8% to $1,500 on January 21, 2025, indicating that larger transactions were being made (Glassnode, 2025). These factors collectively suggest that traders may be positioning themselves for a potential breakout above the $27 resistance level.

Technical indicators and volume data provide further insights into LINK's market position as of January 22, 2025. The Relative Strength Index (RSI) for LINK was at 68, indicating that the asset was approaching overbought territory but still within a bullish range (TradingView, 2025). The Moving Average Convergence Divergence (MACD) showed a bullish crossover on January 20, 2025, with the MACD line moving above the signal line, suggesting a potential continuation of the upward trend (TradingView, 2025). The trading volume for LINK on January 21, 2025, was 1.1 billion, a 22% increase from the volume of 900 million on January 20, 2025 (CoinMarketCap, 2025). This surge in volume corroborates the bullish sentiment and indicates strong market interest. Additionally, the Bollinger Bands for LINK showed the price trading above the upper band on January 21, 2025, which typically suggests increased volatility and potential for further upward movement (TradingView, 2025). The on-chain metric of the Network Value to Transactions (NVT) ratio was at 65 on January 21, 2025, down from 70 on January 15, 2025, indicating that the network's transaction volume was increasing relative to its market cap, further supporting the bullish outlook (Glassnode, 2025).