In the world of cryptocurrency, Chainlink (LINK) has recently experienced resistance below the $8 mark, following a 12% rejection last week. Despite this setback, long-term investors are holding onto their tokens, indicating potential for further gains. On-chain data reveals a decline in the number of long-term investors selling their LINK tokens, while bullish traders aim to prevent another rejection at $8 through substantial buy orders.

Chainlink (LINK) has emerged as a promising cryptocurrency, and its recent price action showcases the resilience of its long-term investors. Although it faced resistance at the $8 level, the overall sentiment remains optimistic. On-chain data suggests that long-term investors are confident in the potential for further growth, as they refrain from selling their LINK tokens.

Bullish traders are actively working to prevent a recurring rejection at $8. They have strategically placed buy orders for more LINK than is currently available for sale, indicating their unwavering confidence in the cryptocurrency. The momentum between buy and sell orders slightly favors the bulls, hinting at a potential upward movement in the price of LINK.

The article predicts that Chainlink (LINK) could reach a new peak of $9, given the determination of bullish traders and the steadfastness of long-term investors. However, it warns that should the price drop below $7, bears may regain control, leading to a potential downturn.

Meanwhile, the recent hawkish tweak made by the Bank of Japan (BOJ) to its yield curve control (YCC) program has caused bond yields to rise, impacting risk assets such as bitcoin. The YCC, a critical source of liquidity in global markets since 2016, has been adjusted to raise the hard cap on the 10-year Japanese government bond yield to 1% from 0.5%. This shift away from the YCC policy could have far-reaching implications globally. While bitcoin did not witness significant movements following the BOJ decision, the rise in bond yields is generally seen as a negative signal for risk assets.

In addition, Phoenix Technology, a crypto mining hardware provider in the UAE, is reportedly considering an initial public offering (IPO) in the country. The UAE has gained a reputation for its crypto-friendly regulations and has a dedicated regulator called the Dubai Virtual Asset Regulatory Authority. Crypto players in the UAE believe that the country provides a more business-friendly infrastructure compared to the United States. However, strict regulations and penalties for non-compliance remain a challenge for businesses in the UAE crypto market.

Despite facing resistance below the $8 mark, Chainlink’s long-term investors remain optimistic about the cryptocurrency’s potential for further gains. The determined efforts of bullish traders and the decline in the number of long-term investors selling their LINK tokens indicate a positive momentum in favor of the bulls. While risks remain, such as the potential for bears to regain control if the price drops below $7, the overall sentiment is positive for Chainlink (LINK)’s future performance. As the global market reacts to the Bank of Japan’s adjustments to its YCC program, it is important to closely monitor the impact on risk assets like bitcoin. Additionally, the potential IPO of Phoenix Technology in the UAE highlights the country’s growing reputation as a crypto-friendly jurisdiction, although businesses must navigate strict regulations to thrive in this market.