Chainlink bulls beware! – Could LINK be topping out at $13.4?
2025-06-30 03:05:29
Main Idea
Chainlink (LINK) shows signs of a potential local top at $13.4, with indicators suggesting possible downward trends due to increased selling pressure and reduced development activity.
Key Points
1. Chainlink (LINK) has been a top performer among the top 20 crypto assets, gaining 13.2% in the past week after recovering from a drop to $10.94 on June 22.
2. Development activity for Chainlink has been trending downward since mid-April, raising concerns among investors despite still being relatively high compared to other DeFi tokens.
3. Dormant circulation spikes on March 14 and June 20 indicate significant on-chain token movement, often associated with selling pressure during price bounces.
4. Historical patterns show profit-taking pressure during price rallies, such as the mini-rally to $15.5 in late March, which was met with increased selling.
5. The article suggests that LINK may have formed another local top at $13.4 and could trend downward in the coming days.
Description
Chainlink did not show signs of network-wide accumulation in recent months, and holders were willing to sell based on short-term price moves.
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