Chainlink price at risk of further decline as 200 largest addresses sit on unrealized profits
Chainlink price is in an uptrend that started in September. ...
- In October, the 200 largest wallet addresses in the Chainlink ecosystem acquired 40.18 million LINK tokens.
- These large wallet investors accumulated LINK at $7.40, and the price of the altcoin has nearly doubled in the past month.
- However, there are indications that the LINK price may correct lower due to bearish divergence in on-chain metrics.
- The LINK price is currently in an uptrend that started in September, but there is a likelihood of further decline in the near term.
- The wallets holding Chainlink tokens have not yet sold their holdings, but there is an increased chance of profit-taking in the future.
- On-chain metrics, such as active addresses and network realized profit/loss, support the bearish scenario.
- The exchange flow balance indicates that there is incoming selling pressure on the asset, which could result in a decline in price.
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The sentiment of the article is mostly bearish, suggesting that the Chainlink price may correct lower in the near future.
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