{"id":560629,"date":"2023-11-15T01:00:17","date_gmt":"2023-11-15T01:00:17","guid":{"rendered":"https:\/\/wncen.com\/?p=560629"},"modified":"2024-06-11T09:19:42","modified_gmt":"2024-06-11T09:19:42","slug":"chainlink-declines-5-rally-over-there-more-go","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/chainlink\/chainlink-declines-5-rally-over-there-more-go\/","title":{"rendered":"Chainlink Declines 6%: Rally Over Or Is There More To Go?"},"content":{"rendered":"

The Chainlink rally has slowed down recently; here’s what the various LINK on-chain metrics look like to see if the surge has hope of a restart.<\/p>\n

Chainlink Has Registered Some Drawdown In The Past 24 Hours<\/h2>\n

Just during the weekend, Chainlink had been floating above the $16 mark, but winds seem to have shifted for the coin in the past couple of days, as it has registered some drawdown.<\/p>\n

During the last 24 hours alone, LINK has dropped around 6%, leading to its price slipping below the $14 level. The chart below shows how the cryptocurrency has performed in the past month.<\/p>\n

\"Chainlink<\/p>\n

LINK appears to have gone down in the last two days | Source: LINKUSD on TradingView<\/a><\/pre>\n
As displayed above, Chainlink had been riding some sharp bullish momentum<\/a> in this period before this latest plunge, as the asset had more than doubled in value. Despite the decline, LINK is still up over 90% in the past month, which is an impressive return.<\/p>\n
Related Reading: Bitcoin Could Plunge To $30,200 If This Level Is Lost: Analyst<\/a><\/div>\n
Naturally, the investors may be wondering now if the asset has already hit its peak for this rally or if there is more to come shortly. It’s hard to say anything about that, but perhaps on-chain data could provide some hints.<\/p>\n
LINK Activity Has Been Relatively High Recently<\/h2>\n
In a new post<\/a> on X, the market intelligence platform IntoTheBlock has shared the data of some Chainlink on-chain indicators. First, when the firm made the post, about 56% of the asset’s investors were sitting on some profit.<\/p>\n
\"Chainlink<\/p>\n
Looks like 39% of the holders had been underwater | Source: IntoTheBlock on X<\/a><\/pre>\n
The cryptocurrency had then been floating at higher levels than currently (although not too high), so more LINK addresses would have entered a state of loss by now.<\/p>\n
Generally, investors in profit are more likely to sell at any point, so a large amount of them being in the green could raise the probability of a selloff. Some Chainlink investors are currently harvesting their profits, but the profitability ratio is still not skewed that much towards profits.<\/p>\n
Next, IntoTheBlock has talked about the number of transactions<\/a> on the network.<\/p>\n
\"Chainlink<\/p>\n
The value of the metric seems to have been going up recently | Source: IntoTheBlock on X<\/a><\/pre>\n
“The Chainlink network is showing many positive signs in terms of transaction data,” says the intelligence platform. “Notably, we see a healthy increase in the number of transactions.”<\/p>\n
The number of transactions is up 436% from the monthly lows, and as is usually the case, the volume has also spiked alongside this rise.<\/p>\n
\"Chainlink<\/p>\n
LINK volume hit $515 million last week | Source: IntoTheBlock on X<\/a><\/pre>\n
The transaction activity being high suggests there is interest behind the asset, and so, the price action shouldn’t go stale just yet. However, the volatility due to this activity can go either way, as the asset is already witnessing.<\/p>\n
Related Reading: Chainlink Forms Sell Signal, Analyst Predicts Pullback To This Level<\/a><\/div>\n
A metric that could more solidly point at a direction for the cryptocurrency is the large holder netflow<\/a>, which keeps track of the net accumulation\/distribution behavior over the last month for LINK holders carrying more than 1% of the supply.<\/p>\n
\"Chainlink<\/p>\n
The metric's value has been positive recently | Source: IntoTheBlock on X<\/a><\/pre>\n
As is visible in the chart, the large Chainlink holders have been buying recently, which could potentially be a positive sign for the asset. This doesn’t have to mean that the rally would restart shortly, of course, but it does provide some support for the idea.<\/p>\n
Featured image from Shutterstock.com, charts from TradingView.com, IntoTheBlock.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The Chainlink rally has slowed down recently; here’s what the various LINK on-chain metrics look like to see if the surge has hope of a restart. Chainlink Has Registered Some Drawdown In The Past 24 Hours Just during the weekend, Chainlink had been floating above the $16 mark, but winds seem to have shifted for the coin in the past couple of days, as it has registered some drawdown. During the last 24 hours alone, LINK has dropped around 6%, leading to its price slipping below the $14 level. The chart below shows how the cryptocurrency has performed in the past month. LINK appears to have gone down in the last two days | Source: LINKUSD on TradingView As displayed above, Chainlink had been riding some sharp bullish momentum in this period before this latest plunge, as the asset had more than doubled in value. Despite the decline, LINK is still up over 90% in the past month, which is an impressive return. Related Reading: Bitcoin Could Plunge To $30,200 If This Level Is Lost: Analyst Naturally, the investors may be wondering now if the asset has already hit its peak for this rally or if there is more to come shortly. It’s hard to say anything about that, but perhaps on-chain data could provide some hints. LINK Activity Has Been Relatively High Recently In a new post on X, the market intelligence platform IntoTheBlock has shared the data of some Chainlink on-chain indicators. First, when the firm made the post, about 56% of the asset’s investors were sitting on some profit. Looks like 39% of the holders had been underwater | Source: IntoTheBlock on X The cryptocurrency had then been floating at higher levels than currently (although not too high), so more LINK addresses would have entered a state of loss by now. Generally, investors in profit are more likely to sell at any point, so a large amount of them being in the green could raise the probability of a selloff. Some Chainlink investors are currently harvesting their profits, but the profitability ratio is still not skewed that much towards profits. Next, IntoTheBlock has talked about the number of transactions on the network. The value of the metric seems to have been going up recently | Source: IntoTheBlock on X “The Chainlink network is showing many positive signs in terms of transaction data,” says the intelligence platform. “Notably, we see a healthy increase in the number of transactions.” The number of transactions is up 436% from the monthly lows, and as is usually the case, the volume has also spiked alongside this rise. LINK volume hit $515 million last week | Source: IntoTheBlock on X The transaction activity being high suggests there is interest behind the asset, and so, the price action shouldn’t go stale just yet. However, the volatility due to this activity can go either way, as the asset is already witnessing. Related Reading: Chainlink Forms Sell Signal, Analyst Predicts Pullback To This Level A metric that could more solidly point at a direction for the cryptocurrency is the large holder netflow, which keeps track of the net accumulation\/distribution behavior over the last month for LINK holders carrying more than 1% of the supply. The metric’s value has been positive recently | Source: IntoTheBlock on X As is visible in the chart, the large Chainlink holders have been buying recently, which could potentially be a positive sign for the asset. This doesn’t have to mean that the rally would restart shortly, of course, but it does provide some support for the idea. Featured image from Shutterstock.com, charts from TradingView.com, IntoTheBlock.com<\/p>\n","protected":false},"author":542,"featured_media":560672,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83381],"tags":[16295,88410,89978,89999,89663,16097,75940],"class_list":["post-560629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chainlink","tag-chainlink","tag-chainlink-bearish","tag-chainlink-decline","tag-chainlink-on-chain-data","tag-chainlink-rally","tag-link","tag-linkusd"],"acf":[],"yoast_head":"\nChainlink Declines 6%: Rally Over Or Is There More To Go?<\/title>\n<meta name=\"description\" content=\"The Chainlink rally has slowed down recently, here's how the LINK on-chain metrics look like, to see if the surge has hope of a restart.\" \/>\n<meta name=\"robots\" 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Chainlink Declines 6%: Rally Over Or Is There More To Go?","url":"http:\/\/wncen.com\/news\/chainlink\/chainlink-declines-5-rally-over-there-more-go\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/chainlink\/chainlink-declines-5-rally-over-there-more-go\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/shutterstock_2152154799.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/shutterstock_2152154799.jpg?fit=5400%2C2551"},"articleSection":"Chainlink","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["chainlink","chainlink bearish","chainlink decline","chainlink on-chain data","chainlink rally","link","linkusd"],"dateCreated":"2023-11-15T01:00:17Z","datePublished":"2023-11-15T01:00:17Z","dateModified":"2024-06-11T09:19:42Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Chainlink Declines 6%: Rally Over Or Is There More To Go?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/chainlink\\\/chainlink-declines-5-rally-over-there-more-go\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/chainlink\\\/chainlink-declines-5-rally-over-there-more-go\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/shutterstock_2152154799.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/shutterstock_2152154799.jpg?fit=5400%2C2551\"},\"articleSection\":\"Chainlink\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"chainlink\",\"chainlink bearish\",\"chainlink decline\",\"chainlink on-chain data\",\"chainlink rally\",\"link\",\"linkusd\"],\"dateCreated\":\"2023-11-15T01:00:17Z\",\"datePublished\":\"2023-11-15T01:00:17Z\",\"dateModified\":\"2024-06-11T09:19:42Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/shutterstock_2152154799.jpg?fit=5400%2C2551","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/560629"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=560629"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/560629\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/560672"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=560629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=560629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=560629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}