Altcoins News
By Steven Anderson
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Chainlink has recently made a strong comeback in the market, gaining over 13% in the past week.
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Increased token movement, selling pressure from holders, and a lack of network-wide accumulation are pointing to a potential local top forming for Chainlink.
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Short-Term Gains, But Long-Term Conviction Missing
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LINK’s recent price action reflects a recovery from last week’s drop, which was triggered by geopolitical unrest. After falling from $13.38 to $10.
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Rather than accumulating, data shows LINK holders are actively moving tokens onto exchanges—a sign that they may be preparing to sell into strength rather than holding for the…
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Dormant Circulation Spikes Signal Selling Intent
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One of the clearest indicators of potential trouble for bulls is the spike in dormant circulation.
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There were notable spikes in token movement on March 14 and again on June 20, both coinciding with LINK’s attempts to bounce from key support levels.
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Another concern is the absence of network-wide accumulation. The mean coin age, which rises when tokens remain stationary in wallets, has shown no significant increase.
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Moreover, historical price action shows that LINK holders tend to sell as the price nears the $16 level, and also react quickly to downturns.
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Exchange Net Position Change Turns Positive Again
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Data from Glassnode confirms that Chainlink is experiencing another round of exchange inflows.
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This trend was seen in late 2024 and early 2025 during other mini-rallies and again during LINK’s recent climb.
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Technical Analysis Shows Nearby Resistance
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From a technical standpoint, Chainlink is currently trading at a key resistance level around $13.4. A stronger supply zone sits just above in the $14 region.
The Currency Analytics
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