- ChainLink saw movement waves on the chain that highlighted an intention to sell holders
- The 30 -day exchange position has moved positively, which could be bad news for liaison bulls in the coming days
ChainLink (Link) was one of the best performers among the best 20 active workers in Crypto Market. During last week, he recorded a price gain of 13.2%.
This recovery occurred after the losses displayed ten days ago, when Link went from $ 13.38 on June 19 to reach $ 10.94 on June 22.
This sale followed a drop in Bitcoin (BTC) to $ 99,000, after degeneration of tensions in the Israeli-Iranian conflict and the American bombardment of Iran.
Since then, the feeling of the market seemed to have recovered. However, chain links have not shown a long -term conviction.
The chain metrics noted another burst of token movement after the recent rebound, which could be a worrying sign for short -term bulls.
Another local high for Chainlink?
Source: Santiment
Historically, the chain development activity was raised among the DEFI tokens. Since mid-April, development activity has tended to decrease.
This slowdown was subject to a certain concern for investors. Despite the considerable decline, Link’s development activity is still relatively high compared to most other altcoins, so investors do not need to worry too much.
A factor that will worry Bulls is the persistent sales signals that accompanied a price move from the chain in the $ 12 application area.
Dormant traffic experienced a huge peak on March 14, when the token tried to bounce back more than $ 12 assistance.
Another peak of dormant traffic occurred on June 20, when the price fell towards the $ 11 bar.
A high dormant traffic indicates a burst of token movement on a chain, which generally indicates the intention to sell. The recent price drop came next to a wave of sales, which underlined a lack of faith of the holders.
In addition, an examination of the age of the average medal has shown that there was no considerable accumulation on the network scale.
The holders were ready to make profits on prices rebounds to the $ 16 level, and also panicked as the price approached local stockings. It was another sign of Low Hodler mentality.
Source: Glassnode
The change in net exchange position follows the modification of the liaison offer maintained in the exchange portfolios. A positive change involves more entries for exchanges, which is generally a sign of high sales pressure.
At the end of 2024 and at the beginning of 2025, the change in positive net position indicated for profit. Similarly, the mini-rone of Chainlink at $ 15.5 at the end of March was greeted by an increased sale.
On June 20, the change of position of the exchange net once again pivoted green, stressing another wave of sales.
At the time of writing the time of the editorial staff, the change of net position remained positive, which was a worrying sign for the liaison bulls.
Source: link / USDT on tradingView
ChainLink was negotiated at the local resistance of $ 13.4, and the $ 14 region was another nearby supply area.
With key resistances and an increase in the sales pressure of holders in the last ten days, it likely seemed that Link could have formed another local high and could be downwards in the coming days.
