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Cryptocurrency News Articles
Chainlink (LINK) Price Drops as Investors Dump Tokens After Recent Gains, On-Chain Data Shows
Oct 23, 2024 at 11:39 pm
LINK Daily Active Addresses by Profitability on Oct. 23 | Source: IntoTheBlock
Investors are cashing out on Chainlink (LINK) after a recent rally, leading to increased selling pressure on the token.
Chainlink began September trading at $9 and rose to $13 by mid-month. However, LINK’s price dropped at the start of October and now trades around the $10 mark.
According to data from IntoTheBlock, Chainlink’s daily active addresses (DAA) in profit spiked from 155 to 600 over the past week as LINK’s price climbed past the $12 threshold, prompting some short-term holders to cash out.
An increase in profitable DAA usually indicates rising selling pressure, which could lead to further price declines if market volatility persists.
Chainlink’s LINK Daily Active Addresses by Profitability on Oct. 23. Source: IntoTheBlock
On-chain data reveals that the rise in DAA虧损 coincides with an increase in the number of addresses in loss. The DAA in loss jumped from 222 to 263 between Oct. 20 and Oct. 22.
This movement suggests that some long-term holders are taking the chance to cut their losses as LINK’s price struggles to regain its bullish momentum. Hence, the data points toward a bearish scenario for Chainlink, as profit-taking could continue to impact the asset’s price negatively.
If selling intensifies, the bullish momentum LINK experienced in September could be undone, leading to a deeper price decline. However, the broader market trend will significantly determine whether LINK can resist a prolonged price downturn.
Bullishness in the broader crypto market could lift Chainlink’s price along with other cryptocurrencies.
Besides the increased profit-taking, whale activity has also picked up for LINK. Whale transactions of at least $100,000 rose from 54 on Oct. 19 to 134 on Oct. 22.
These large transactions totaled $361 million over the past week, indicating that significant players are moving substantial amounts of LINK in response to its price fluctuations. While whale activity can drive liquidity in the market, it can also exacerbate price swings, especially when large amounts are traded in a short time frame.
Chainlink’s price has dropped by 6.6% over the past 24 hours, to $11.39 at the time of writing per Coingecko data. The asset’s market capitalization is also down by 7% and is currently $7.38 billion.
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