Only 55% Of Chainlink Investors Are In Profit So Far
As explained by an analyst in a on X, Chainlink is still behind Bitcoin in terms of investor profitability despite the LINK price outperforming BTC in the year so far.
The below chart shows what the LINK address concentration looks like on the different price ranges that the asset has previously visited:The different on-chain resistance and support levels of the asset | Source:
Here, the size of the dot represents the number of investors or addresses who purchased their coins inside the particular price range. It would appear that the ranges below $10 are host to the cost basis of a hefty number of holders.
Since the LINK price is above these levels right now, these investors would naturally be in a state of profit. These addresses only make for about 55% of the network total, however, implying that a significant number of them are still sitting at a loss. From the chart, it’s visible that the $16 to $27 range in particular has a considerable density of investors.The analyst notes, however, “once LINK breaks the $27 mark, the ensuing rally is expected to be substantial. Alongside this, the wallet profitability ratio is projected to surpass 80%.”
As mentioned before, Bitcoin’s investor profitability distribution is looking much better so far, as the below chart from shows:Looks like the current price levels have a substantial amount of investors | Source:
Bitcoin is currently battling against the resistance offered by the current investor-packed $34,100 to $35,100 range. Once BTC is through these levels, however, the road towards $40,000 might prove to be relatively easy.
LINK Price
Following its 12% rally in the past week, Chainlink is now sitting just below the $12.9 mark.
LINK has exploded more than 67% in the past month | Source: