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- LINK faces bearish signals, with rising selling pressure driven by increased exchange deposits and whale activity.
- A potential reversal hinges on reclaiming $24.30, but current market dynamics suggest uncertainty about the token’s stability.
Chainlink (LINK) has seen a significant surge in network activity, with daily active addresses growing by 142% over the past month, averaging 8,220. This aligns with a recent CNF update discussing LINK’s potential 30% surge, with key resistance at $27 in focus.
Additionally, according to a recent tweet by IntoTheBlock, transactions averaged 11,260 daily over the last week. Despite this increased adoption, LINK’s price dropped sharply by over 12% in the past 24 hours, falling to $22.89. Specifically:
Chainlink is currently averaging 8.22k daily active addresses, a remarkable 142% growth compared to one month ago.
Selling Pressure Intensifies
The price decline coincided with rising selling pressure, as flagged by the TD Sequential indicator and highlighted by crypto analyst Ali Martinez. Santiment data revealed a spike in LINK’s supply on exchanges, while off-exchange holdings declined.
Another recent CNF update noted that Chainlink whale activity had surged, with expectations of a massive 500% rally. However, whales contributed to the sell-off by depositing over $25 million worth of LINK to centralized exchanges in recent days. These movements have eroded confidence in the token, raising concerns about further price drops to the $20.66 support level.
Potential for Reversal
Despite the bearish sentiment, the Fear and Greed Index suggests a potential trend reversal, registering a “fear” phase at 38%. For recovery, LINK needs to reclaim $24.30 to counteract rising liquidation risks, which often trigger short-term pullbacks. Whether bulls can stabilize LINK remains uncertain, but current market dynamics suggest a pivotal moment for the token.
At the time of writing, Chainlink (LINK) is trading at $22.59, reflecting a 2.19% increase in the past day but a 6.14% decrease over the past week.
